Foresters Friendly Society

yyzyyz

I have recently been given information on Foresters Friendly Society and told "Take out a product like an ISA with Foresters, or just become a member of the society for £25 a year, and you can get benefits such as a £220 grant for a student son, and grants for his dental and optician costs now he has turned 19".

This sounds too good to be true and I'm wondering what is the catch?

I checked the website and it talks of discretionary education, dental and optician grants, but doesn't give any information on how discretion is applied.

Has anybody any experience or further information? Is it really as simple as joining the society for £25 and receiving a £220 education grant ?

jimjames

It really isn't free money, you are paying for it one way or another.

If they are giving away that money then you will get less from your investments and are committed to paying it for 10 years.

£300 per year for 10 years is £3000. If they take out the money via their fees then you may well only get back what you pay in - not a great return for 10 years tied in.

Reaper

I think in this case the OP is correct in being able to join for £25 without taking out a policy. However the catch is the money on offer is discretionary not automatic.

You can find what is on offer here:
http://www.forestersfriendlysociety.co.uk/foresters-customers/foresters-extras/

They appear to be aimed at those in hardship and I imagine you would have to make a case for why you should be given one of the grants on offer. I am guessing the bar would be set higher for those who have just paid the minimum £25 and waited the minimum 6 months before applying.

planteria

i mentioned their Regular Savings Plan on another forum.

i have received some info from Foresters this week, which I will consider.

i know a chap that had an investment with them and now retains membership by paying the fee.

and i know another chap that is a member of a different mutual that provides discretionary healthcare. he maintains that as so few members call on it, the discretion is very very generous, and that it provides excellent value.