Dilemma, should i cash in my savings??

Clueless4881

Okkk so i thought i would come o here and ask all you money savvy people for advice. I know you cant make my decision for me but would like opinions.

I can now cash in my 21 year child savings policy (based on shares) if i wish, BUT this will be 1 year before it matures next november. Its value is around 2000 pounds, and has decreased a bit cause of the credit crunch econom etc etc. But it exactly what i thought it will be be at anyway so i am happy with that amount.

Question, should i wait til it matures? Do you believe it will in fact make much difference leaving it until next november to cash in?? All would i be better taking it out now anway??

(ps leaning towards taking it out as i finish uni in june next year and would like it to go travelling, rather than get in at a time when i may have a fulltime job anyway).

thanks!
x

MrExample

If it only decreased a bit over the last year, it's probably unlikely to skyrocket over the coming year.

You might find you need the extra cash for your travels, given the awful state of the pound currently. :-)

amcluesent

Shares won't be at all clever next year, so you're cashing in at the bottom.

Can you keep it until you retire, rolled up over your life it could be worth a bit. You can't eat the memories of your gap year!

NB England's finished, once you graduate get out.

peawack

amcluesent wrote: »

Shares won't be at all clever next year, so you're cashing in at the bottom.

Can you keep it until you retire, rolled up over your life it could be worth a bit. You can't eat the memories of your gap year!

NB England's finished, once you graduate get out.

Yes get off to the USA, it's thriving. Or Iceland, or Japan, or.......Zimbabwe

Clueless4881

I won't be able to keep it in there after the 21 years are up.

was thinking of taking it out paying m rent i owe and putting the rest (1700) in a savings account, my mums a bit dissapointed at the value but it better than nothing i suppose.

What are the best ISA's??

Lokolo

moneysupermarket.com/savings

^^ for best savings (inc cash ISAs)

opinions4u

I'm assuming it's a stocks and shares type investment.

I can't tell you when the bottom of the market will be reached. Or whether it has been reached.

I can tell you that shares are low compared to valuations over the last few years.

I can tell you that shares can and do go up in times of recession, because the markets forward price recovery. I can also tell you this isn't a guaranteed outcome.

My gut instinct (and that's all it is) would be to hang on in there for a year. Moreso if there are any sorts of penalty for pulling out now.

But if that money is significant as part of your overall savings then yes, I would fully understand why you would want the relative security of cash, or to use it for travel.

Halifax do a fixed rate ISA at 5.5% for a year which gives no easy access but a nice looking return in the current climate (may get pulled). Not right if you're traveling and spending. But makes sense if you're saving.

http://www.halifax.co.uk/isas/fixedrateisa.asp


www.moneyupermarket.com/savings is also a good source to help identify the best deals.

Good luck!