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Tunbridge Wells Equitable launches university savings bond

Tunbridge Wells Equitable is launching a university bond to allow parents to meet the escalating cost of higher education.


The friendly society is launching the bond in response to the Government&#39s scrapping of maintenance grants and introduction of tuition fees.


The with-profits bond is designed as a monthly savings plan with a term of between 10 and 30 years. It is targeted at parents with young children.


The National Union of Students estimates that students need almost £6,000 a year, plus tuition costs of £1,000. The average student leaves university £3,000 in debt.


The bond gives three payments on maturity to cover each year the child spends at university. The minimum premium is £30 a month or £360 a year. There is no maximum premium but up to £25 a month or £270 a year can be invested tax free. There is a policy fee of £4 a year.

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