Surrendering Endowment (Who With?)

Bonkjas

I currently have two endowment policies with Friend's provident

• First one for £26,000 matures 29th August 2011. Total of guaranteed amount plus all bonuses £17,009 - surrender value £16,620
• Second one £6,300 matures 5th September 2012. Total of guaranteed amount plus all bonuses £3,889 - surrender value £3,886

I have been contemplating cashing these in for ages now and since I got my 2007 statement with a 0.25% bonus on existing bonues (£17 and £3 respectively) am thinking about surrendering, putting into a high interest savings account and paying my existing monthly premium for both endowments (£57) into the said savings account and leaving for 3 years.

This should give me circa £25k if I get 6% AER

Should I cash in or leave them alone? I know there is going to be a shortfall but on my staements they haven't given any guidance as to what it will be.

I don't actually need these endowments as I make the final payment on my mortgage next month

Regards
BonkJas

EdInvestor

Bonkjas wrote: »

I currently have two endowment policies with Friend's provident

• First one for £26,000 matures 29th August 2011. Total of guaranteed amount plus all bonuses £17,009 - surrender value £16,620
• Second one £6,300 matures 5th September 2012. Total of guaranteed amount plus all bonuses £3,889 - surrender value £3,886

I have been contemplating cashing these in for ages now and since I got my 2007 statement with a 0.25% bonus on existing bonues (£17 and £3 respectively) am thinking about surrendering, putting into a high interest savings account and paying my existing monthly premium for both endowments (£57) into the said savings account and leaving for 3 years.

This should give me circa £25k if I get 6% AER

Should I cash in or leave them alone? I know there is going to be a shortfall but on my staements they haven't given any guidance as to what it will be.

I don't actually need these endowments as I make the final payment on my mortgage next month

Regards
BonkJas

Answered elsewhere.