Prudential Savings Account

The Prudential Savings Account is a non-qualifying, unitised, with-profits, whole of life assurance contract.

Although it was withdrawn some time ago and replaced by Prudential Investment Bond, you can still top up your account.

Topping up

You can top-up your regular savings by as little as £20 each month, provided this brings your regular premiums to a minimum of £50 each month.

You can also decrease your regular savings, if you need to, as long as they don't fall below our minimum premium requirements, or you could take a savings break.

To top up simply read the key features, fill in the top up application form and send it to us at Prudential, Stirling, FK9 4UE. Or call us on 0845 640 2000.

Benefits

Your account may include the following benefits

• Critical Illness / Temporary Life Cover - these are considered to be separate policies held under the same account number.
• You are free to withdraw money at any time should you need to. Note that certain withdrawals could be subject to charges and a Market Value Reduction may be applied. This will have the effect of reducing your fund value. Any withdrawals taken will reduce the value of your plan. HM Revenue & Customs may not tax these regular payments as income in the same way that dividends or interest are treated.
• Invested in our With-Profits Fund - you can view the latest With-Profits Bonus Declaration.
• Smoothed returns to help protect against some of the short term ups and downs of the stock market and provide steadier returns year on year. Note the value an investment may fluctuate and is therefore not guaranteed. You may not get back the full amount of your investment.
• Withdrawals, equivalent of 5% each year of the premiums, can be taken without creating an immediate tax liability. You also do not pay basic rate income tax or capital gains tax on profit from the bond. Note that there may be tax liabilities depending on your circumstances if you withdraw more than this and when you cash in your policy. Read more about investments and taxation.

  This is based on our current understanding as at August 2010 of current tax legislation and HM Revenue & Customs practice, both of which may change without notice. The amount of tax relief actually received will depend on your individual circumstances.

What will I get back?

What you might get back will depend mainly on the With-Profits Fund investment performance while your money was invested, how we distribute any profits from the With-Profits Fund, our charges and costs, smoothing and any tax liability as well as other factors. Please note that the value of an investment may fluctuate and is therefore not guaranteed. Charges may vary in the future and may be higher than they are now.

Review your Prudential Savings Account

• To top up read the key features, fill in the top-up application form and send it to us at Prudential, Stirling, FK9 4UE.
• To make withdrawals, make any changes, or find out more about your account call 0845 640 2000 (Monday-Friday 8am-6pm) or send us a request online.
• We send you a statement each year but you can also request a valuation online.

Read more

Prudential Savings Account Key Features
Prudential Investment Bond Key Features
Taxation of Bonds (pdf 300k)
Prudential Investment Bond Application Form (pdf 72k)