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10 year savings plan
ambers2000
Posts: 7 Forumite
Hi,
I have a small 10 year investment with Zurich financial which expires in March 09. Is it advisable to withdraw the money early in light of the current banking crisis. We have been payin approx £70 per month for the last 9 years and dont want to lose everything as this small amount is everything to us. Are we saved by the £38k savings protection by the banks?? Any advice would be great!
Thanks
Graham
I have a small 10 year investment with Zurich financial which expires in March 09. Is it advisable to withdraw the money early in light of the current banking crisis. We have been payin approx £70 per month for the last 9 years and dont want to lose everything as this small amount is everything to us. Are we saved by the £38k savings protection by the banks?? Any advice would be great!
Thanks
Graham
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Comments
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See FSCS Investment protection (up to £48,000; 100% of the first £30,000 and 90% of the next £20,000).ambers2000 wrote: »I have a small 10 year investment with Zurich financial which expires in March 09. Is it advisable to withdraw the money early in light of the current banking crisis. We have been payin approx £70 per month for the last 9 years and dont want to lose everything as this small amount is everything to us. Are we saved by the £38k savings protection by the banks?0 -
Sorry baldur, this one is also likely to come under the insurance protection rather than investment protection. That is on the assumption it is an endowment policy and not a regular contribution unit trust (the latter falling under investment protection).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Thanks for the correction dunstonh - still potentially better than the deposit protection.Sorry baldur, this one is also likely to come under the insurance protection rather than investment protection. That is on the assumption it is an endowment policy and not a regular contribution unit trust (the latter falling under investment protection).
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still potentially better than the deposit protection.
Thats almost certainly because unit linked investments are ringfenced so in the event of a failure the chance of the consumer losing their investment is unlikely. So, you can up the protection limits knowing that a claim is unlikely.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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