Monthly Savings ISA, where YOUR money is working hard for you AND you’re in control!
Like all our ISAs the Monthly Savings ISA is a Stocks and Shares ISA, allowing you to shelter up to £20,000 from the taxman every year, with easy regular saving and ad-hoc lump sum contributions, straight from your salary or direct debit, put directly into your fund.
Autumn Regular Savings Offer
Receive a £25 Amazon.co.uk Gift Card when you open a Monthly Savings ISA before 31st December 2024.
Quote promo code AUTUMN24 – terms and conditions apply.
Reach your saving ambitions faster
The Monthly Savings ISA comes with the Metfriendly Escalator option. If you select this option, your monthly payments can start from just £30 in the first year and will then automatically increase each year (minimum increase of £10 a year) from the following April, until you tell us to stop.
The most you can contribute is £1,666 per month, the equivalent to the maximum monthly ISA limit of £20,000 over 12 months.
If you already have a Metfriendly Monthly Savings ISA, you can add the Metfriendly Escalator by completing this short form.
Watch this video for a quick summary of our Monthly Savings ISA.
Product overview
| Monthly Savings ISA (from 6/4/2020) | |
| Minimum monthly payment | £50, or £30 with the Metfriendly Escalator option |
| Maximum contribution | £20,000 per tax year |
| Annual bonus |
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| Flexible | 
Yes, you can vary, stop and restart premiums at any time. You can also pay in a lump sum to top up your ISA – the minimum top-up is £500. |
| Final bonus |
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| Metfriendly Escalator |
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| Early redemption charges | Yes, in the first 2 years of investment only. |
Competitive Returns
- Premiums received during tax year 6/4/2024 – 5/4/2025 will receive a guaranteed annual bonus rate of 1.5% per annum for the first tax year of the plan.
- The annual bonus rate for every subsequent tax year will be set by the Board before the end of the calendar year.
- The plan will be eligible, after three complete tax years, for a final bonus on encashment.
Flexibility
- You can vary your premiums, add a lump sum (minimum £500, up to your own Personal ISA allowance), or move an ISA across from another provider using our transfer forms at any time.
- You can stop and restart your premiums at any time.
- All funds invested can be withdrawn penalty free once 24 months have elapsed from when the ISA was opened.
Metfriendly Escalator and low start premiums
- Metfriendly Escalator allows you to build up your savings, with contributions automatically increasing each year, until you tell us to stop.
- The increase will take place each April starting in the following calendar year. For example if you start your plan at £50 per month from September, and set the escalator at £20, your monthly contributions will automatically increase to £70 per month the next April, and by the same amount each year afterwards.
- You can still vary, add a lump sum, stop or restart your monthly contributions at any time.
If you already have a Metfriendly Monthly Savings ISA, you can add the Metfriendly Escalator by completing this short form.
What returns might I expect from this plan?
This plan has only been offered since 2020 and therefore has no ‘past performance’ to show.
However, an indication of future returns can be guided by the annual bonus rates and the eligibility of a final annual bonus at the end of the third complete tax year.
Where is my premium invested?
The premiums are invested in the Metfriendly With-Profits Fund. For information on what that is and how it works, including a diagram to show the approximate investment mix, please refer to the With-Profits Fund page.
Can I transfer funds held with another ISA provider, or bring my Child Trust Fund across?
Yes. Funds from both ISAs and matured Child Trust Funds can be brought across from other providers to Metfriendly, and added to the Monthly Saving ISA fund, providing the fund owner is over 18 years old.
Payments from other providers are treated as a lump sum deposit into your account and will need to be at least £500 in value. To enable you to make transfer into your account a transfer form will need to be completed.
What are the early redemption charges?
- Withdrawal or transfer of plan during its first 12 months = 5% penalty as a percentage of value
- Withdrawal or transfer of plan between first and second anniversary = 3% penalty as a percentage of its value
- Withdrawal or transfer of plan after second anniversary: there is no penalty
| Number of years since plan started | Penalty as % of cash in value |
|---|---|
| 0-1 | 5% |
| 1-2 | 3% |
| 3+ | 0% |
What if I change my mind or decide to cancel?
- You can cancel for a full refund within 30 days of receiving your policy documents. Simply contact our Member Services team on 01689 891454 or email [email protected]
- If you wish to change your contributions, add the Metfriendly Escalator or withdraw funds, our friendly Member Services team will be able to discuss your options.
How much will it cost for advice?
- We do not offer or give financial advice.
- We do not make any form of commission.
- The cost of providing verbal or written information about this product is included in our overall expenses.
How do I contact you?
Metfriendly, Central Court, Knoll Rise, Orpington, BR6 0JA
Phone: 01689 891454
Email: [email protected]
Take a look here for answers to more frequently asked questions regarding our Monthly Savings ISA.
