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VitalityInvest offers to waive first year of product charges

Written by: Danielle Levy
In a rare decision by a financial services firm, VitalityInvest is offering to waive its product charges for a year.

Under the offer, customers who open a new VitalityInvest Stocks and Shares ISA, Junior ISA or Retirement Plan by 5 April 2019 will receive a refund on their first year of product charges.

This will be received after 12 months and is subject to a minimum initial investment of £5,000 as a lump sum or transfer, or regular payments of £200 a month or more.

If clients transfer their drawdown pension plan over to VitalityInvest, the transfer value needs to be at least £25,000 to quality for the offer. It is also worth noting that the Retirement Plan can only be purchased via a financial adviser.

To demonstrate the potential savings, the company said a customer who invests £20,000 in a VitalityInvest Stocks and Shares ISA would receive £100 back in product charge savings after 12 months.

For clients who transfer £50,000 of their retirement savings into a VitalityInvest Retirement Plan, the product refund would total £230 after 12 months. 

If clients have a qualifying VitalityHealth or VitalityLife plan, which invests in underlying Vitality funds, and take part in the company’s ‘Healthy Living Programme’, they can also take advantage of the ‘Healthy Living Discount’. This means they would not have to pay a product charge at all each year.

Justin Taurog, VitalityInvest’s deputy chief executive, commented: “It’s one more way we help clients live longer, healthier, more financially secure lives.”

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