Monthly Fixed Savings Account

Eileen23

Hi guys, Our mortgage has finished, so therefore our endowment policy has finished as well. We want to save a fixed amount every month for approx 10 years, so which would be the best way to do it. Life Insurance policies only pay out on death and there is no cash value, so if we both reach 85 and don't die we lose £8,500 approx that we have paid in - not good!! Any ideas would be gratefully received. Thanks.:)

xylophone

Are you using your ISA allowances?

Eileen23

No we aren't because we don't work so we haven't got that much to save. Hubby is disabled and I am his sole carer. We only want to save about £50 a month, which is what our endowment was.

xylophone

You could still save regularly into a cash ISA or (stocks and shares) an Investment Trust ISA?
I notice that Henderson Global and Alliance Trust are two that accept low monthly amounts.
http://www.money.co.uk/investment-trusts/isa-investment-trusts.htm
http://moneyfacts.co.uk/compare/savings/accounts/search/

innovate

I'd tend to suggest only a cash ISA, not a stocks & shares, to someone who is 75, and if the available amount is relatively small.

xylophone

I did cover both above! Mind you, I have two relations of 90 and 91 and a dear family friend died last year in her 99th year....

Eileen23

Neither of us are that old ..... though I maybe feel it sometimes!!! Thanks for your help I will:) look into both of these, thanks again.