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What will i do with money??

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 1.4K views
pete323pete323 Forumite
45 posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Right folkes i am a bit confused ???I am 31 years old and its now time to think about the future me thinks.
I just had a guy round from the CIS bank with a chq for £775.This was for a 15 years sayings account that my parents did for me(£3 Per month).Now in our views that investments was not worth it.So he suggest taking out one of his isa`s
He says
Put £108 per month in for 10 years he can garuantee to pay back £15995 (or there abouts) :oHe says this is 6% or something.
I have a mini cash isa at the moment thru lloyds and i am putting in £120 per month

I have a savers account with lloyds that i put in £160 per month into and does the job if i dont dip into it,but i have done for over 3 years so there is only £700 in it at moment.

Do i take out one of these isa`s from CIS and put past the £140 per month for 10 years (it still gives me access if i want it)

Or is there anything better out there for me?
He is going to call me back and ask what i think,but i really dont have scooby doo about anything like this

What do you recon?

Replies

  • dunstonhdunstonh Forumite
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    Put £108 per month in for 10 years he can garuantee to pay back £15995 (or there abouts) He says this is 6% or something

    He can't guarantee anything of the sort. I would think hes suggesting an ISA. However, the 6% you mention is the rate used for projections on endowment savings plans (see axa cashbuilder thread in savings & investment forum for what we think on those).
    Do i take out one of these isa`s from CIS and put past the £140 per month for 10 years (it still gives me access if i want it)

    Not unless you like paying excessive charges and get rather poor performance. You dont say what funds he has recommended but a quick look at the CIS list shows that they are performing under the sector average in most areas.
    Or is there anything better out there for me?

    Yes. You have the cash isa for risk free, corporate bond isas for low risk moving into stockmarket isas for a varying risk from low/medium through to specialist high risk funds.

    Irrespective of the area suitable for you, you will be able to get cheaper and better products than what the "insurance man" can offer.
    What do you recon?

    I think you should cancel the appt and read a number of the posts in this and the savings &investment forum to get an idea of what is usually discussed.

    A little more info on what he's suggested would be a good idea as it isnt really clear from your post.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Right folkes i am a bit confused ???I am 31 years old and its now time to think about the future me thinks.
    I just had a guy round from the CIS bank with a chq for £775.This was for a 15 years sayings account that my parents did for me(£3 Per month).Now in our views that investments was not worth it.So he suggest taking out one of his isa`s
    He says
    Put £108 per month in for 10 years he can garuantee to pay back £15995 (or there abouts) :oHe says this is 6% or something.
    What do you recon?

    He's talking bull ! at 6% it would grow to about £18k !!!

    £15,995 is about 4% !!! - So yeh they are probably making 6%, 4% for you and 2% for THEM !

    Stear clear from money grabbers such CIS !!!

    Take a look at the top paying Cash-ISA providers, a few do monthly subs and all the top pay over 5% AER
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