About investing in this ISA
When you set up a My Prime (ISA) your money will be invested in an investment policy within a Scottish Friendly ISA. The policy then invests in your choice of fund or funds – with a range of varying risk and reward profiles.
- My Prime (ISA) is a medium to long-term investment of at least 5 years and ideally 10.
- With My Prime (ISA) you’ll need to sign up to the My Plans online service and opt to go paperless.
- Available to adults aged 18 or over who are resident in the UK.
- Whilst the investment funds within your My Prime policy have an annual management charge of 1.5% of your fund value each year, you will receive a rebate effectively making your charge just 0.5% a year if you make a regular monthly contribution of at least £100 or your policy value is greater than £2,000. If you do not meet either of these conditions the 1.5% annual management charge will automatically apply.
- Please note that a cash rebate value in the Guaranteed Cash fund will only apply in the event that the growth rate from the underlying assets within the fund is 1.5% or more. For more information please refer to page 24 of the Product Guide.
- Stock market investments can go down as well as up. If your policy value falls below £2,000 then your rebate will not apply, unless you are making a regular investment of at least £100 a month. As with all stock market investments, you could get back less than you pay in.
About tax and ISAs
- Tax treatment depends on individual circumstances. Tax law may change in the future.
- Tax-free means the policy grows free of income or capital gains tax (other than tax that's already paid i.e. on dividends from UK shares).
- There are four different types of ISA - Investment ISA, Cash ISA, Innovative Finance ISA and Lifetime ISA - and you can have one of each in the current tax year.
- The current ISA limit is £20,000 and this is the total you can invest across all types of ISA each year.
If you want more information about the different types of ISAs, our guide might help: