Based in Bromley, Foresters Financial was established in 1874 to help families achieve long-term financial health and security. It provides personal insurance, mortgage protection, savings and investing for adults and children, pension planning solutions and more.
Stocks and Shares ISA
Foresters Financial’s Stocks and Share ISA is a tax-efficient savings account which allows you to save up to £20,000 this tax year. By investing in a Stocks and Shares ISA there is potential for growth which doesn’t count to your overall tax allowance.
The minimum savings amount is £20: your investment will be looked after by the experts at Schroders who make the investment decisions on your behalf with a risk-controlled sustainable approach. No more than 60% will be invested in shares – reducing the effects of market fluctuations but giving the opportunity for growth. To be eligible you must be over 18 and a UK resident.
Foresters Financial’s Lifetime ISA is available to anyone aged between 18 and 39, and is designed to help first-time buyers get on the property ladder and/or to build additional savings for later on in life. The Government offers a 25% bonus added to all amounts invested into the Lifetime element, up to the maximum £4,000 per year, meaning the Government will contribute up to £1,000 each year.
If you are saving for later on in life, you can contribute up until age 50, and the Government will continue to contribute up to this age as well. Encashments are tax-free any time after your 60th birthday. A Lifetime ISA must be held for at least 12 months before using it towards the purchase of a first home.
A Junior ISA with Foresters Financial is a tax-efficient savings account for adults to save on behalf of a child starting from as little as £10 a month up to £9,000 this tax year. Friends and family can contribute too – helping to build up your child’s savings pot.
At age 18 the Junior ISA will automatically roll into an Adult ISA and your child will have access to the money, where they can choose to use it towards university, their first home and/or to continue to save.
Foresters Financial helps families achieve long-term financial health and security by providing personal insurance, mortgage protection, savings and investing for adults and children, pension planning solutions and more.
Foresters Financial Reviews and Ratings
Online reviews for Foresters Financial are fairly mixed. Many customers have had a positive experience with the company, commenting that the service is great and information is broken down easily and clearly to understand, and how easy it is to set up an account with a friendly advisor. Others, however, have been appalled at the level of customer service they have received and would not recommend the company at all.
- Manage your savings online through MyPlans, with 24/7 access to your plan details, value, fund performance, documents and information
- Access your member benefits through MyForesters, where you are able to apply for grants, find activities you want to attend and access LawAssure.
- Accounts are quick and easy to open in minutes
- A clear, easy to understand website
- Helpful online guides and tax calculators
- Fast easy online setup
- Standard Cash ISA products not offered
- Innovative Finance ISAs not offered
- Minimum savings amount in Stocks and Shares must be at least £20
- Lifetime ISA must be held for at least 12 months before using it towards the purchase of a first home
- Some negative customer reviews
- Complaints about appalling customer service levels
Website: Foresters Financial