Scottish Friendly Scottish Bond Tax Free Savings

dunstonh

My definition of experience of a product is clearly different to other people. My definition of experience of a product is having used that product. This differs from an opinion of a product. With regards to cashback I would never take out or buy a product due to cashback. I would however take advantage of cashback on a product if it seemed like a good deal. I value people's experience of a product i.e. how they have performed for them. How helpful the company is etc.

Its an awful product that should have been killed off years ago. Compliance companies have warned that advisers recommending this type of plan are at risk of mis-sale allegations if they were to recommend them. This is why they are sold direct because there is no advice protection if you buy direct.

The responses from the regular posters on this site are correct. Just because you do not like the answers does not make them any less correct. If you want to buy an obsolete product that works in a similar way to an endowment policy then be our guest. A fool and their money are easily parted. However, you should take on board what is being said. Modern products do not have a fixed term. They are open ended. They do not have big early exit charges (they have no exit charges). They do not use obsolete or expensive investment options.

So, maybe it would be better if we asked you a question. Why do you want to buy an obsolete & damned expensive product which would likely be classed as a mis-sale if arranged under advice when better options exist?

msallen

Sceptic001 wrote: »

I once had an ingrowing toenail. The hospital staff who sorted me out were fantastic. I would recommend an ingrowing toenail to anyone.

Ah but did the hospital staff have personal experience of ingrowing toenails? Surely their medical knowledge was worthless without that.

longleggedhair

I might add my mother had one of these mature a few years ago and it matured at a small loss.

Scottish Friendly are terrible. Some of the other smaller societies do have rather good track records, but I'm with everyone else, I would avoid them like the plague.

Conair99

Seems some have had a bad experience here....i set up a plan with a first payment of £25 in March 2015 and cashed in last week for £925. Considering only paid in £575 over the 23 months this seems a decent return!

dunstonh

Conair99 wrote: »

Seems some have had a bad experience here....i set up a plan with a first payment of £25 in March 2015 and cashed in last week for £925. Considering only paid in £575 over the 23 months this seems a decent return!

march 2015 to December 2017 is not 23 months. It is 34 months.

34 months of £25 is £850.

Alexland

I agree - it is unlikely you will find many people with good knowledge of financial services who have experience of this product unless it was taken out when they had less understanding and made poorer choices.

If you want lots of TopCashBack go with Moneyfarm for a higher return for a better (but still average) product.

msallen

Alexland wrote: »

If you want lots of TopCashBack go with Moneyfarm for a higher return for a better (but still average) product.

...but one that you only have to keep for 3 months before cashing in.

planteria

i don't have any experience of Scottish Friendly either, sorry datlex.

however, i have some investments, for various family members, with friendly societies, and some of the features are very useful imo.. but not Bonds.

Friendly Society investment plans with guarantees that are built up with regular investments have their place, and offer some steady growth and features such as life cover. with lump sums i would rather buy funds/shares within an ISA on a platform, for example: more risk, especially the latter, but lower charges too.

i have a small bond with LV that i've had since the early 2000s that has eventually doubled in value and that i'm inclined to hold on to, but generally lump sums under £20k i would hold within an ISA rather than a bond, and if you split between two of you, or across two tax years, that obviously can be increased to £40k.