Page 1 of 1

Scottish Friendly moneybuilder ISA

Posted: Tue Apr 30, 2019 10:55 am
by pabenny
Over at Quidco, there is £180 cashback (ending today, 30 April 2019) for investing a minimum of £50/month in a Scottish Friendly ISA. This is a unit-linked plan.

Scanning through the SF product guide, I note
- Charges at 1.5%
- There is a £50 exit charge for redemptions within 5 years

The Q T&C say that you have to have paid in at least the value of your cashback and there is a minimum holding period of 60 days.

Seems like there is an opportunity here:
- Sign up for £50/month
- Stop payments after 4 months
- Then either – cash in (losing £50 exit charge) or hold for 5 years to avoid the exit fee

If it doesn’t track within 14 days, you may be able to exercise cooling off rights.

Disclaimer - obviously, you should verify all of the above before investing.

Re: Scottish Friendly moneybuilder ISA

Posted: Wed May 01, 2019 8:55 am
by planteria
interesting idea pabenny. some people elsewhere have asked me about this, as they know i'm invested in Friendly Societies. i'm not a member of SFAS. i want to use my ISA allowance for other investments, so i haven't tried this, but for someone who doesn't require their ISA allowance for other things this seems to be an interesting little opportunity.

Re: Scottish Friendly moneybuilder ISA

Posted: Thu May 02, 2019 7:10 am
by AAAlphaThunder
I know it only at Q, but it would sweeten the deal if we had imutual shares.

Re: Scottish Friendly moneybuilder ISA

Posted: Wed May 08, 2019 10:36 am
by Sarah
This cashback at Q is increased to £200 today and tomorrow.

Re: Scottish Friendly moneybuilder ISA

Posted: Thu May 09, 2019 8:26 am
by pabenny
I've gone for it.

Update - tracked within an hour, at the slightly odd amount of £106.66.

Re: Scottish Friendly moneybuilder ISA

Posted: Thu May 09, 2019 11:21 am
by planteria
i was reminded of it last night when i logged in to qc. it is tempting.. i'd like to think that we can transfer out to an S&S fairly easily. fwiw i wouldn't mind contributing more to get the deal, but i don't like the idea of a charge against my annual ISA allowance :).

Re: Scottish Friendly moneybuilder ISA

Posted: Thu May 09, 2019 7:27 pm
by planteria
tcp are offering £210 for £10/m.

Re: Scottish Friendly moneybuilder ISA

Posted: Thu May 09, 2019 7:34 pm
by Sarah
planteria wrote:
Thu May 09, 2019 7:27 pm
tcp are offering £210 for £10/m.
I think you mean £100/m for £210 cashback. The £10/m tier is only £30 cashback.

Re: Scottish Friendly moneybuilder ISA

Posted: Thu May 09, 2019 10:32 pm
by planteria
oh... the advert didn't mention that.
perhaps it was 'upto' and 'from'.. but i certainly didn't see any 'up to'.