A savings plan with the flexibility to change payments
We're all told that saving is a good habit, but we understand that you want to be flexible with your money. That's why, our easy to manage Flexible Savings Plan allows you to make regular and one-off payments to suit your needs.
You pay in at least £100 or more each month with the option to increase or reduce payments by £10 or more (as long as you keep paying the minimum of £100 per month). You can also make lump sum payments of £500 or more. You can take out £500 or more whenever you want to, as long as you leave at least £500 invested in the plan. This is a savings plan with no fixed term, but we recommend you save for at least five years.
You can invest your money in up to 12 investment funds at any time, from a choice of 17 funds including our Life With Profits Fund. You can also move into one or more different funds at any time, up to 12 times a year. Your Financial Consultant can help you choose the funds that are most suitable for your investment needs. You can find details about the available funds in our fund fact sheets.
Initial and ongoing charges
There is an Initial Advice Charge of up to 3% of each one off or regular payments you make. This is paid to Wesleyan Financial Services to cover the cost of the advice provided when they set up your plan. If, after you have set up your plan, you subsequently make a direct payment or regular payments without taking further advice from Wesleyan Financial Services, the Initial Advice Charge will not payable on that payment.
There is also an Annual Management Charge (AMC), which is a percentage of how much your plan is worth each year. The amount of AMC depends on the fund or funds that you invest in.
We may also charge you for switching your money between different funds.
More details about the charges are shown in our fund factsheets and Key Features Document.