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Savings Plan Provider Shepherds Friendly maintain their annual bonus rates
Savings plan provider Shepherds Friendly has announced they will be maintaining their annual bonus rate for the 2013/14 tax-year at 3% for both their ISA and Junior ISA.
The Society’s investment strategy has proved to yield a consistently positive return in recent years, despite challenging economic conditions. This is a positive message that supports claims that the Society’s mutual approach is continuing to reward its members by putting their interests first.
The CEO of Shepherds Friendly, Geoffrey Spencer commented “We are immensely proud at being able to reward our ISA and Junior ISA savers with a consistently competitive bonus rate. Since our foundation in 1826 we have worked extremely hard at developing and diversifying what we offer, investing time and care in our products and support services for our members”. He also added “We understand that saving can be seen as a daunting prospect as it’s a long term commitment and this is why we felt it necessary to maintain a competitive bonus, as a way of thanking those members for saving with Shepherds Friendly”.
The ISA and Junior ISA are both tax-efficient savings plans which allow individuals to save up to a set limit each year, with an individuals remaining limit resetting at the start of each tax-year on April 5th.
The Junior ISA is the child friendly version of the ISA, and is available for parents who would like to save for their children’s future. Once opened, anyone including parents, grandparents and family friends can contribute to the plan to help save for a child.
Individuals are currently allowed to save up to £11,880 into an ISA and £3,840 into a Junior ISA. However, the ISA is set to be simplified into an easier to understand savings plan as of July 1st when it will be converted into the ‘New ISA’ (NISA). One of the biggest changes will include an increase in the annual savings allowance to £15,000 for the NISA and £4,000 for the Junior ISA.
In recent years Shepherds Friendly have managed to pay a competitive annual bonus rate of 3% to members with an ISA or Junior ISA, despite challenging investment conditions which has seen some Cash ISAs yield significantly lower returns.
For further information on saving with Shepherds Friendly through an ISA (http://www.shepherdsfriendly.co.uk/