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The Government lets you save up to £25 a month with a friendly society even if you have already used up the allowance with an ISA.

This means that the current options offered by “Scottish Friendly” could help you to save for a rainy day – and if we were all doing this more often, wouldn’t the banking world be in a little less turmoil right now?!

Here is what Scottish Friendly say of their offering:

Scottish Friendly, one of the UK’s leading friendly societies, provides savings plans that allow you to make the most of your tax-free allowance. The Government lets you invest up to £25 a month tax-free with a friendly society, even if you already have an ISA. You can save for a rainy day via our Scottish Bond or start building for your child’s future through our Child Bond.

They have 2 main options:

1) The Child Bond – which is effectively a way to save money for your child (i.e. for college or university fund, or just an amount to give to baby when he turns 18); or

2) The Scottish Bond which is a 10 year bond that will pay interest (tax free) on up to £25 per month investment, and contains some small element of life cover too.

You should click the link to the right or below to discover more. Be sure to seek independent advice if you are thinking of investing – we are merely pointing out that this £25 tax free amount exists!

This post was submitted by Dealodile.