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You can find the current article at its original source at http://www.guardian.co.uk/money/2012/sep/15/ffress-family-card-university
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| Ffrees family card scheme aims to help parents with university expenses | Ffrees family card scheme aims to help parents with university expenses |
| (7 months later) | |
| Parents can save money towards their children's university costs and other expenses while shopping through a new scheme. | Parents can save money towards their children's university costs and other expenses while shopping through a new scheme. |
| The Ffrees family card, allows shoppers to buy goods and services from more than 250 retailers from supermarkets and clothes stores, to holiday companies and insurers, and receive a percentage of the value of the purchase as Ffrees, units worth £1 each. Someone buying their weekly shop online, or in store from Asda or Marks & Spencer, would get back 3%, but someone taking out a buy-to-let mortgage through Springtide Capital could get 20% back . | The Ffrees family card, allows shoppers to buy goods and services from more than 250 retailers from supermarkets and clothes stores, to holiday companies and insurers, and receive a percentage of the value of the purchase as Ffrees, units worth £1 each. Someone buying their weekly shop online, or in store from Asda or Marks & Spencer, would get back 3%, but someone taking out a buy-to-let mortgage through Springtide Capital could get 20% back . |
| Ffrees can either be left in the Ffrees family account earning interest at a standard bank account rate or, once 250 have been accrued, they can be transferred to a choice of three savings funds run by the school fees specialist financial adviser SFIA. | Ffrees can either be left in the Ffrees family account earning interest at a standard bank account rate or, once 250 have been accrued, they can be transferred to a choice of three savings funds run by the school fees specialist financial adviser SFIA. |
| Applicants must be over 18 to open an account, to which they transfer money free of charge from their bank account. They are then sent a MasterCard to load with the money from the Ffrees account: the first two cards are free, with a £5 fee per card if more are required for different family members. | Applicants must be over 18 to open an account, to which they transfer money free of charge from their bank account. They are then sent a MasterCard to load with the money from the Ffrees account: the first two cards are free, with a £5 fee per card if more are required for different family members. |
| First Direct founders Peter Simpson and Alex Letts, whose son is about to start university, launched the scheme. Letts says it was inspired by the leap in university fees: "Until now it was the little bit of money families didn't spend each year that went into savings. Now the much larger amount the family does spend will also help." | First Direct founders Peter Simpson and Alex Letts, whose son is about to start university, launched the scheme. Letts says it was inspired by the leap in university fees: "Until now it was the little bit of money families didn't spend each year that went into savings. Now the much larger amount the family does spend will also help." |
| Letts has calculated that a family of four spending £19,900 a year with different Ffrees registered retailers, including £3,600 a year on groceries, £1,000 on clothes and £3,500 on holidays, could earn up to £1,628 in Ffrees. | Letts has calculated that a family of four spending £19,900 a year with different Ffrees registered retailers, including £3,600 a year on groceries, £1,000 on clothes and £3,500 on holidays, could earn up to £1,628 in Ffrees. |
| Ffrees family finance is paid commission by the retailers involved in the scheme every time a purchase is made. | Ffrees family finance is paid commission by the retailers involved in the scheme every time a purchase is made. |
| Top savings accounts | |
| Manchester BS | |
| West Brom BS | |
| Derbyshire BS | |
| Powered by MoneySupermarket for the Guardian |