Halifax Guaranteed Investment Plan

smudge22

Does anyone know why these are no longer available. I took one out last year, for 5 years and have been told by a Halifax advisor I can cancel it, without penalty and put the money into something else.
Would be grateful for any advice.

jem16

Sounds like you had a lucky escape.

They are absolutely terrible products which most on here would not touch with a bargepole.

opinions4u

A product with a Guarantee usually restricts growth potential of the investments or places an excessive burden on the provider to meet the guarantee.

My guess (and I would ring their after sales helpline 0870 901 01 37 to confirm this) is that there has been some sort of change to T&Cs that changes the nature of the product and possibly the guarantee.

As such they are required to provide a window of opportunity for you to remove your investment without paying a penalty.

Perhaps seeing an IFA rather than a bank adviser is the best next step.

ses6jwg

Was reading about these in the book I got for xmas, financial times guides to investments.

Most IFAs are horrified by these plans as they make a lot of money for the provider but usually not much for those who taken them out.

Generally you would be better off with a simple tracker.

dunstonh

There are only very few of these that are actually worth considering. The ones issued for retail through the banks were rarely any good and were basically cash cows to the banks.

smudge22

Thank you all, I have £60000 invested in it and need to move it, or at least have an idea what to do with it before I see the Halifax guy. Any pointers?

ses6jwg

smudge22 wrote: »

Thank you all, I have £60000 invested in it and need to move it, or at least have an idea what to do with it before I see the Halifax guy. Any pointers?

60,000 dear god.... I'm not sure if you can move it before the term ends?

smudge22

Have just spoken to the Halifax and apparently there never was a penalty to withdraw. The fund is wrth just over £63000 now and I can withdraw it at any time. I think I need some independent advice.

ses6jwg

Yes, with that amount of money that would certainly be your best bet.

jem16

smudge22 wrote: »

I think I need some independent advice.

Absolutely see an IFA - banks are best avoided for investments.