PengeSave

PengeSave is a UK-based specialized savings account designed specifically for savings of life insurance policy payouts. It is a unique, non-isolated account type that allows policyholders to assign a portion of their insurance payment towards saving for future needs.

The idea behind PengeSave is to offer a structured savings approach to policyholders who may face significant lump sum payouts, such as those resulting from long-term care insurance or critical illness coverage. By dividing these payments into several separate accounts, policyholders can create a dedicated fund to cover future expenses, such as living costs, medical bills, or funeral expenses.

PengeSave offers a range of benefits, including protection from creditors, tax benefits, and the ability to withdraw funds at a specified date or under certain conditions. Policyholders can select from various investment options, including a cash option or a range of fund options, to manage their savings.

PengeSave accounts are typically held in a trust and managed by a professional trustee. This setup provides an added layer of security and ensures that the account is run in accordance with UK regulations. While PengeSave is designed specifically for life insurance policyholders, it can be an attractive option for those looking to manage large lump sum payments and set aside funds for future use.

The choice to open a PengeSave account is often dependent on an individual's financial needs and personal circumstances. Before opening such an account, policyholders are advised to consult with a financial advisor or professional to ensure that it aligns with their existing financial strategy.