Cashing in a Policy

leeegglestone

I have a Brittanic Assurance and have had it 10years,no payments are made into it. It started at £990 and has now risen to £1449. So making approx £55 a year.

The advisor who collects payments for another policy has said thats a poor return and may as well cash it in and spend it.

At present I have
Barclays Cash ISA - 4.6%
E-Savings - 3.26% Net
Alliance n Leicester Regular Saver - payin £250 a month for a year (10%)

What do ppl recommend me to do with my £1449. should i put it into one of the above, or open a new account with a good interest rate?

lindabea

If you haven't yet used up your ISA allowance for this year, then that would be your first choice. Suggest you look for a higher rate of interest to replace your e-savings.

BLACKHURSTM

If you decide to put it the isa move the ISA to halifax first, and take advantage of there 5% clean online account.
If you do not decide on the putting it in an the ISA.move your ISA anyway as it has history of being one of the best rates on the highstreet and internet.

And as lindabea suggest move out of the 3.2% esavings and get a better rate.You can get 4-5% online try EGG for example

leeegglestone

the money which was in my E-savings (3%)
ive put into my ISA so that I will use the maximum amount in this financial year.

For Egg, when u said the rate was 4-5% is that Gross or net?
the 3% on my e-savings was net.

dunstonh

The advisor who collects payments for another policy has said thats a poor return and may as well cash it in and spend it.

IIRC, Britannic do not have advisors any more. Just collectors. Don't tell Britannic what he said, or he will get sacked. Especially as you took what he said as advice.

As this was a 10 year plan, will you be putting it back in somewhere with the expectation of long term or short term?

leeegglestone

erm, well i dont want to put it somewhere longterm again.

At present I am working out my finances to see how much i could afford to buy my own place and so with it only being £1400 id prefer for it to stay short term and not tie it up