Engage Mutual Assurance launches tax-exempt Easy Save

Engage Mutual has launched its tax-exempt friendly society savings plan, Easy Save.
Easy Save, a unitised With Profits whole of life regular savings policy aims to overcome some of the barriers to saving by offering customers the opportunity to save little and often.

Launched in May 2007, Easy Save invests in the existing and successful Engage Mutual With Profits Fund. Last year the assets backing this fund grew by 11%. Over the ten years regular premium endowments invested into this fund produced an annual growth of 4%, putting it in the top quartile of similar products which on average returned 2.7% per annum.

Key Points:

This tax exempt savings allowance is available only from friendly societies.

Easy Save pays out a tax-free lump sum at the end of the savings period. The policy guarantees to pay out at least what has been paid in if encashed on or within the 28 days after the end of policy term.

The policy is available online and customers are able to select a payment term of between 10 and 25 years.

Maximum premium is £25 per month but start from as little as £15 per month.

The fund also recently featured in the top ten performing With Profits funds in the April 2007 Money Management With Profits Survey.

Karl Elliott, Marketing Director at engage Mutual Assurance commented: “As a modern mutual we are keen to provide customers with long term investment products which address the needs of today’s families. Our customer research tells us that customers want good returns while protecting their investment and without exposing their money to serious risk. The Easy Save product will appeal to customers who want to save little amounts over a longer period of time with the potential for long term growth, confident that they can receive at least what they have put in if they don’t cash in before the end of the policy term and all premiums have been paid”.