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Scottish Friendly, Scotland’s largest mutual society, has joined forces with the National Society for the Protection of Cruelty to Children (NSPCC) to launch a new savings product that will raise vital funds for the charity.
The new tax-free savings plan, available to savvy-investors from today (Friday 23 July), will see Scottish Friendly make a donation of up to £135 to the NSPCC on the opening of every savings plan, in an initial bid to raise up to £25,000 for the charity.
The partnership with the NSPCC is the latest move by Scottish Friendly to encourage families to embrace a regular savings habit while making use of their £25 a month tax free savings allowance which is exclusive to friendly societies. The plan can be taken out by an adult for themselves or for a child they care about.
Donations to the charity will depend on the investment made by each customer. The NSPCC will receive 45% of the first year’s premiums for accounts opened online, so that a customer saving just £25 per month will mean a donation of £135 to the charity.
Neil Lovatt, sales and marketing director of Scottish Friendly, said: “We believe there is a duty on the financial services industry to support charities, especially at a time when such causes are suffering from a fall in donations.
Also with the proposed abolition of the Child Trust Fund we believe that we need to find as many new ways as possible to encourage tax-free savings and investments for kids.
“By starting a tax-free savings plan that makes a contribution to the NSPCC instead of marketing fees to advertising agencies, customers are not only taking the positive step towards embracing a regular savings and investment habit, but they are doing so in the knowledge that they are contributing to the welfare of less fortunate children in the UK.”
Emma Mills, fundraising manager at NSPCC commented: “We chose Scottish Friendly as a partner based on our shared values. Scottish Friendly was able to offer a suitable product that we were confident would deliver for both families and investors and for the charity.
“The partnership with Scottish Friendly will generate valuable funds for a variety of causes, from providing advice and counselling to running drop-in clinics and supporting community projects across the UK.”
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.