Saving regularly is a great way to build-up your funds. If you are willing to accept some risk, you can make your savings work harder with Friends First.
Why you should think about saving
If you can afford to save some money every month, it makes sense to get it working as hard as possible. And if you are in a position to put that money away for a few years, then choosing one of our longer-term funds can give you a better return than keeping it on deposit.
The big question is this: how much risk are you willing to take with your savings?
Every investment comes with the possibility that you will get back less than you put in but don’t worry – you can choose a level of risk that you feel comfortable with. Our advice is to talk to your Financial Broker about your options.
How it works
You are ready to start saving regularly. You can save at least €150 a month and are willing to invest it for a medium to long investment term (that is 5-7 years or more). You want to get a good return on your money so you are considering investing those savings.
You have thought about your options. You have talked to your Financial Broker about saving and you have considered the kind of savings options that might suit you.
You understand the risks. Investing your money offers potentially higher rewards than putting it in a bank, but the value of your investment can go down as well as up.
It’s a lot of consider – after all, your financial future is a serious business. But with interest rates on deposit accounts at pretty low levels, it is worth considering how you can get the most out of your savings.
If your circumstances change, you can stop or change the amount you are saving at any time.
Pick your funds
Charges & Taxation
The charges on your savings will vary depending on the investment options you choose, but your Financial Broker can talk you through them.
You can withdraw your savings at any time but depending on the option you choose, you could be charged if you take out your money in the first few years.
You have to pay tax on any growth you make on your savings. The current rate is 41% (as of May 2016). If you make a withdrawal, we will deduct the tax you owe before we make any payment to you. If you leave your money where it is, we will deduct tax every 8 years from any profit you make.