A Tax Exempt Savings Plan (or TESP for short) allows you to save tax-free in addition to your ISA allowance. You can choose the term of your plan between 10 and 25 years which could make it the perfect option if you want to save for the medium to long-term. There's the added flexibility to save monthly or annual amounts, which can help to build up a tax-free lump sum for you or your loved ones.

Please be aware that a surrender penalty will apply if cashed in before maturity.

​

These plans are only available through friendly societies and are a way to save tax-free in addition to your ISA allowance. Because it is a tax-free savings plan, under current legislation, the maximum an individual can save is £25 a month or £270 annually (this includes any tax exempt plan held with another friendly society). This plan is also a qualifying life policy

​

Anyone can have a plan or have several plans within the overall maximum levels of £25 per month or £270 annually. 

​

Get into the habit of saving tax-free with the certainty you'll receive a guaranteed amount at the end of the term (provided all premiums are paid), plus any added bonuses.

​

Start saving today for something special - want to increase your retirement fund, or build up a house deposit? A TESP could help you achieve your financial goals - whatever they may be.