Harrogate (PRWEB) August 27, 2009
Clydesdale Bank and Yorkshire Bank have launched a new tax exempt savings plan in partnership with http://www.engagemutual.com(Engage Mutual Assurance).
The Vision Tax Exempt Savings Plan takes advantage of the government's special tax exempt friendly society savings allowance, allowing UK savers a tax benefit when saving over a minimum 10 year period. This means that any growth in their savings is tax exempt. The plan also provides a tax free lump sum at the end of the saving term.
Clydesdale and Yorkshire's 340 branch network will market the plan to customers seeking a tax favoured longer term savings vehicle in addition to their ISA allowance. The plan can also be purchased as a child's savings plan, providing a similar tax advantage on any savings' growth.
Engage Mutual's chief executive, Andrew Haigh, sees it as an opportunity to increase share of the UK savings market for both partners, and commented:
"Initially through http://www.ybonline.co.uk/(Yorkshire Bank's) and http://www.cbonline.co.uk/(Clydesdale Bank's) strong branch networks, and subsequently online, we will be seeking to raise awareness of the benefits of tax exempt saving - among families who need their savings to stretch that bit further and work that bit harder, and with those who are seeking a vehicle for long term saving. "
The new agreement builds on a highly successful two year distribution partnership for the http://www.engagemutual.com/over-50s-life-insurance.aspx?cmpid=WOLLink2(engage Guaranteed 50 Plus Life Cover).
Engage Mutual is a family-oriented modern mutual and friendly society, providing products that help families plan to meet their future financial needs.
The Vision Tax Exempt Savings Plan seeks to tap into a renewed consumer appetite for long term saving, providing a chance to invest with an element of protection. The plan promises a guaranteed minimum cash lump sum at the end of the payment term, provided all due premiums have been paid, the plan reaches the end of its term and is cashed in within 28 days.
1. Any reference to taxation is based on our understanding of HM Revenue & Customs Practice. The tax treatment of the plan could change. There may be tax liabilities if all payments have not been made to the plan.
2. the Vision Tax Exempt Savings Plan invests in a with profits fund. The performance of the investment is not guaranteed, A market value reduction may be applied when a policy is cashed in. Normally this is applied when there has been a large or ongoing fall in stock markets or when investment returns are low over a long period. This would reduce the payout you would receive.
3. If you close your plan outside of the guarantee period, you may get back less than you paid in. The minimum payout guarantee will not apply if payments are missed or stopped. If you cash in before you pay one year's premiums, you will not get anything back. Inflation will reduce what you can buy in the future with the lump sum. Our charges may increase.
About Clydesdale Bank
Clydesdale Bank was established in 1838 in Glasgow and has a proud history of innovation and support for Scottish industry and communities. With over 150 retail branches and a network of Financial Solutions Centres, Clydesdale is one of Scotland's largest banks. The Bank is currently expanding its operations into the South of England with its innovative Financial Solutions Centres, offering customers a highly integrated business and private banking service. Clydesdale Bank was recently voted the 'Best Business Bank' in Scotland, by the Forum of Private Business.
In 1987, Clydesdale Bank PLC became a member of National Australia Bank Group.
About Yorkshire Bank
Yorkshire Bank was founded in 1859 in Halifax, West Yorkshire. Today, the Bank has almost 200 branches, a strong personal customer base and a growing business capability in the North of England and the Midlands. In 2006, Yorkshire Bank was voted the UK's 'Best Business Bank' by the Forum of Private Business.
Yorkshire Bank is a trading name of Clydesdale Bank plc, which is a subsidiary of the National Australia Bank Group of companies. Yorkshire Bank joined the Group in 1990. Yorkshire Bank is a trading name of Clydesdale Bank PLC which is authorised and regulated by the Financial Services Authority. Clydesdale Bank PLC Registered in Scotland Number SC001111. Registered Office: 30 St Vincent Place, Glasgow G1 2HL.
engage Mutual Assurance can be contacted on 0800 169 4321 or visit engagemutual.com
The information in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
engage Mutual Assurance
NOTES TO EDITORS
1. If using this article on a website, please link to http://www.engagemutual.com, using the following hyperlink text: <a href=http://www.engagemutual.com><b>engage</b>Mutual Assurance - meeting the changing needs of today's modern families</a>
2. engage Mutual Assurance is a trading name of Homeowners Friendly Society Ltd (HFSL), Registered and incorporated under the Friendly Societies Act 1992, Registered number 964F and its wholly-owned subsidiaries, engage Mutual Funds Limited (eMFL) and engage Mutual Insurance Ltd (eMIL). Both HFSL and eMFL are authorised and regulated by the Financial Services Authority (FSA). HFSL's Register number is 110072, eMFL's Register number is 181487. eMIL is authorised to conduct general insurance business by the Financial Services Commission Gibraltar and is regulated by the Financial Services Authority for the conduct of UK business. eMIL's FSA Register No is 485680. You can check this on the FSA's Register by visiting the FSA website http://www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
3. engage is one of the larger UK mutuals providing simple, value for money savings, protection and investment products. It currently helps over 420,000 customers of all ages to protect, preserve or enhance their welfare, with some of the most straightforward products on the market. Engage prides itself on being a family-oriented, modern mutual, providing products that help enable households of all kinds to plan their finances to help meet their future needs. More information on engage Mutual is available at http://www.engagemutual.com
4. engage supports mutuality, friendly societies and the regional financial services industry through links with the Association of Mutual Insurers, the Association of Friendly Societies, Mutuo and Leeds Financial Services Initiative.
5. engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with organisations including Yorkshire Building Society and Scarborough Building Society.
6. engage Mutual has been the title sponsor of the Rugby Super League since 2005 and has extended its agreement to 2010.
7. engage Mutual announced its entry into the health cash plan market in July 2008 following an agreement of partnership with Wakefield & District Hospital's Contributory Scheme (WDHCS). Further to this, 30,000 health cash plan customers transferred from Premier Health Benefits (part of WDHCS) to engage Mutual Insurance Ltd.