Pensions

hitman08

Are there any type of accounts where I Put money in every month and get interest. When I retire I would get that money plus interest back?

xylophone

http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Interest rates on certain current accounts

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

When I retire I would get that money plus interest back?

I don't quite understand this - are you looking for a pension scheme?

dunstonh

hitman08 wrote: »

Are there any type of accounts where I Put money in every month and get interest. When I retire I would get that money plus interest back?

Yes but they would be quite high risk (no investment risk but has a greater inflation risk and shortfall risk for the long term. Unless you are looking at a couple years, the idea would not be the right thing to do.

hitman08

xylophone wrote: »

http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Interest rates on certain current accounts

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

I don't quite understand this - are you looking for a pension scheme?

Yeah I'm looking at a pension scheme, where I'm putting money in and when I retire I get my money back and extra income.

dunstonh

hitman08 wrote: »

Yeah I'm looking at a pension scheme, where I'm putting money in and when I retire I get my money back and extra income.

What you describe is a pension, savings account, ISA or a number of other things. However, what you propose to do is almost certainly wrong as using deposit accounts/cash for long term planning carries too much risk of shortfall.

[Deleted User]

Some people, like me, may wish to deplete their pension fund as they have a better use for the cash... wine, women, song ... or maybe a place in the South of France... and wish to do this as quickly as possible at minimum, hopefully only 20%, tax cost and do not want to agonise over which SIPP provider or which investments to choose as they do this. In my research I have discovered that there are deposit accounts offering the heady sum of 1% ( see Leeds Building Society) but only a 'recognised' SIPP provider can put your money into it. Question: which is the cheapest SIPP provider to do this ( doesn't have to be Leeds BS)
and what are their charges?.

atush

Some people like you are gonna run out of money and live on state pension.

And I haven't looked at cash rates on pensions, as it is fairly stupid to keep cash in a pension (apart from a cash fund to buy investments).

dunstonh

And I haven't looked at cash rates on pensions, as it is fairly stupid to keep cash in a pension (apart from a cash fund to buy investments).

Think about half current savings accounts.

Some people, like me, may wish to deplete their pension fund as they have a better use for the cash... wine, women, song ... or maybe a place in the South of France...

And once you have bought the place in France, how are you going to pay for living in it?

[Deleted User]

I have other pensions.

atush

I own a house in france. Good luck with that lol