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Protection AND inacsessibilty needed
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foggytown
Posts: 325 Forumite
Greetings to the Forum,
My sister-in-law has a bit of money (about 30K) presently sitting in a regular savings account. Her intention has been to buy a pension (she's 56) to kick in when she's 63 or so. That was before the present financial climate. I have several views on this.
So, any ideas on where she can stick this money so that it is both protected by the gov't AND inaccessible?
Thank,
FoggyTown
My sister-in-law has a bit of money (about 30K) presently sitting in a regular savings account. Her intention has been to buy a pension (she's 56) to kick in when she's 63 or so. That was before the present financial climate. I have several views on this.
- Any pension she buys now isn't going to give her much of an income in 6 or 7 years time
- AFAIK, typical, private, insurance-based pensions are NOT protected by the government like savings are
So, any ideas on where she can stick this money so that it is both protected by the gov't AND inaccessible?

Thank,
FoggyTown
42 years of experience in the insurance industry.
And nothing the industry tries do to us surprises me any more!
And nothing the industry tries do to us surprises me any more!
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Comments
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ICICI have a 2 fixed rate savings account with 5.57% AER. No early access is permitted. That would keep her tied up for 2 yrs at least. The account is fully covered by the FSCS up to £50kHope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
ICICI have a 2 fixed rate savings account with 5.57% AER. No early access is permitted. That would keep her tied up for 2 yrs at least. The account is fully covered by the FSCS up to £50k
ICICI also have accounts that can be accessed with penalty, at lower rates... but may suit if you only 'might' need access in emergency for instance.
But I think their is some aspects of this missing that will be material to get the best for her - depending on her tax and employment status - tax relief on contributions, tax free growth- she definitely needs pro advice.
Try an CAB in the first inst or an Independant Financial Advisor...0
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