10 year savings plan

ambers2000

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

Baldur

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?

See FSCS Investment protection (up to £48,000; 100% of the first £30,000 and 90% of the next £20,000).

dunstonh

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).

Baldur

dunstonh wrote: »

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).

Thanks for the correction dunstonh - still potentially better than the deposit protection.

dunstonh

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.