Scottish Widdows savings....stay or go?

jack_and_chester

Here's the thing! I put away £30 every month into a Scottish Widdows endowment thing...not linked to my mortgage or anything. Anyway, it comes up for its 10 year anniversay in November and I can choose to take half the guaranteed life assurance value or something (about £3500 I think) or carry on for the full 20 year term. I want to protect the money that's already saved and to keep on saving that £30 a month......can I do better? I think I can be trusted not to touch it if it is elsewhere.
Any thoughts?

dunstonh

scottish widows life funds are dire and the charges on their old savings endowments are quite high.

Unless you are a higher rate tax payer now but wont be in the future, it probably isnt worth carrying it on.

However, it depends on what the penalties are. Your post doesnt give enough info on the costs of pulling out now against carrying on.

jack_and_chester

Hi!
There's no cost in pulling out now as it is an option at 10 years.
I think I will take it out an put it in an ISA.
Thanks!