Want To Save £100/month For 10 Years...

stustu92

i want to save £100/month for 10 years, low risk.

What are my options?

Any recommendations?

Scully's_Girl

We'll need a bit more info in order to assist. Do you currently pay into a pension? If so, does your employer provide a match? Do you currently have an ISA? If you dont have either of these things, you might want to start there. If you want to have the money to spend after the 10 years is up, & you havent retired yet, then the ISA is probably the way to go.
For safe investing, going for the tax friendly options are best first. If you dont have these things, go that route. If you do, let us know & we'll take it from there.

stustu92

Thanks for replying.

Firstly, its not actually me thats doing the saving, its my FIL.
He has full army pension, but hes doing a job in civvy street now. MIL and PIL are both currently paying £20 a month each into those nasty axa sunlife bonus cash builder plus things, and i told them they'd be able to get a much better deal doing something else with their money.

They already have seperate life cover arranged anyway, so the life cover offered by the axa sunlife is not needed.

They say they want to save £100 per month combined for at least 10 years and cash the axa sunlife things in.

They both don't have ISAs and MIL doesn't have a pension either.

FIL is 55 now so may be retiring in 10 years time, but MIL has about 20 years left to work.

Does this help?

Chrismaths

Get them to do an ISA. Over a 10 year period, a stocks and shares ISA, invested into something equity based should serve them well.

Debt_Free_Chick

I don't disagree with Chrismaths, but I would want to know if they already have a cash savings account to provide money for "emergencies".

stustu92

Hi,

They don't have a cash savings account, but they have relatively small outgoings and no debt. If something comes up which requires a lot of cash, they usually come up with the cash within a couple of weeks.

What kind of return are they going to get if they do put their money in a equity based stocks and shares ISA?

Can someone just give a basic outline of what stocks and shares ISAs are all about?

Thanks
stu