mum wants cash under her bed !!!

lilly-rose_2

My mum has s 5 year saving investment plan with the Halifax, she has all her savings pension and redundancy money all in this wich is due to expire in 2009, we have been the halifax this morning they have told her to leave the money, if she is to take it out now she will lose £4000 of it, she has £30 thousand in there and is only 61. She says with whats happening she would rather withdraw and put it under her bed, she says at least i can look after it, foolish i know, but they have said no leave it were it is, but hey what do banks know !!!!!!!!

any advice ,

Lokolo

Numerous threads on this already, please just scroll down and you'll see 'what to do with my money?' or 'fcs'

Each person with each bank has £35k money protected. Tell your mother to stop bloody worrying.

bluesue1

Just leave it where it is, it's covered by the FSCS up to £35k

cheerfulcat

lilly-rose wrote: »

My mum has s 5 year saving investment plan with the Halifax,

Which is it - savings or investment?

lilly-rose_2

Its a 5 year "Saving investmant plan" as i said we have been the halifax this morning and this type of plan is not covered with the 35K

Lokolo

Ok I assume its the Gaurenteed Invest Plan, looking on Halifax's website its 5 years, min of £5k etc.

Its an investment, you will gain money, you will lose money. There is risk in this.

If your mum wants to she can withdraw and lose 13% of her money (£4k) and stick is elsewhere, maybe a savings account?

Going with investments with banks is not a good idea. If she wants some advice with someone from a broader perspectus (I can't spell, I know), then go see an IFA.

cheerfulcat

lilly-rose, I can see no such account on the Halifax website. Normally you would have either a savings account ( cash ) or an investment account ( equities and so on ), not a combination of both. Can you supply a link to the product?

lilly-rose_2

thanks lokolo this seems to be the one

Gaurenteed Invest Plan, looking on Halifax's website its 5 years, min of £5k etc.

Lokolo

cheerfulcat wrote: »

lilly-rose, I can see no such account on the Halifax website. Normally you would have either a savings account ( cash ) or an investment account ( equities and so on ), not a combination of both. Can you supply a link to the product?

http://www.halifax.co.uk/investments/guaranteedinvestment.asp

I think its that.

a7man

What is it invested in? Can she switch funds if its an investment plan? She shouldnt worry about the bank collapsing, because this is extremely unlikely - if shes worried about the investment dropping and wants to withdraw the full amount at age 65/ retirement she should ask to switch funds.

Its up to her if she wants to surrender 13+% of the plan value and put it into a deposit savings account but I would say investigate other options before giving up the money.

wombat42_2

lilly-rose wrote: »

My mum has s 5 year saving investment plan with the Halifax, she has all her savings pension and redundancy money all in this wich is due to expire in 2009, we have been the halifax this morning they have told her to leave the money, if she is to take it out now she will lose £4000 of it, she has £30 thousand in there and is only 61. She says with whats happening she would rather withdraw and put it under her bed, she says at least i can look after it, foolish i know, but they have said no leave it were it is, but hey what do banks know !!!!!!!!

any advice ,

No worries. I offer a free security service for anyone who stores their savings under their bed. 'Nuff said.