What to do ???

Susan1942

Interesting. It is £41,000 as this is the value of the bond I am trying to decide what I should do with it.  Thank you all so much for your input.  I will now take a bit of time to mull things over before making my final decision .  

Thank you all  Sue 

thegreenone

Please take the money out of the bond, £87 in a year is appalling.  You should have £1500-£1600 in one year.

I have done some rough calculations but not sure how to copy them.  Good old compound interest is your friend here. 

Firstly find an easy access account paying 4% or more if you can get it.  Next year give the eldest £10k towards their deposit.
Keep the remainder gaining interest.  Give next grandchild their £10k the year after and so on for the four eldest.  Leave the remainder until the 15 year old needs it.  This will use up the money so consider putting £6k in a JISA for the three year old when they turn 10. This will give them their 10k in their twenties.  

Apart from the extra £6k the £41k should give your eldest five grandchildren £10k when they need it.  All six get exactly the same with minimum effort.

Long may you live to see as many of your grandchildren enjoy the money.  Mortgages can be increased or paid off when they receive any inheritance.

Susan1942

Thank you so much for your suggestions.  I appreciate especially the suggestion of putting money in a Junior ISA for the 3 year old. I will follow your advice and get the money out of this bond and in to the best interest accounts.  I have been thinking about this over the past couple of weeks and now it needs to be acted upon.
Thanks again to everyone for their input.  I do appreciate it.  Sue 

Susan1942

I called Phoenix Life today and the person on the phone was not keen to respond to my request to close my account.  She then said I don't really deal with this.  Then said she would speak to someone then said that they were not available to talk to. Said she could request that they looked  investigate but said that would take approx 8 weeks.  I told her I did not want to wait for 8 weeks.  She then wanted to set up a phone call but that could be 48 hours.  In the end I THINK she is sending me forms for me to complete.  If I don't receive them within 7 days I will call again.  The value today was up £177.  

Susan1942

UP DATE 

Today the money from the Phoenix Life bond is in my current account.  There is an increase from when I received the annual statement a few weeks ago.  I will try and find time to find time to see who is paying the best on a cash Isa.  I don't want all this money sitting in my current account at the moment in excess of £72,000/ Could I do this online or would I need to go in to a bank or building society to open it.  Again  I am going to follow the advice given by MSE members.  
I would appreciate if anyone can tell me where I am likely to find the best interest rates. As I am 83+ I will be able to put another £20,000 in April of 2026.  I have decided that I will give my Grandson £10,000 towards a deposit for a house but only when they are ready to purchase and need it as a deposit.  My monthly income is greater than my monthly outgoings  
Thank you all so much for your patience and advice which I am so grateful for.  Do you think I should speak to a financial advisor as I have got other investment but again dating back to 2003 and 2001.  
I have got stocks and shares ISA not a great amount again dating back to 2003.  Would it be an idea to put a bit of money in to that. 

Sue 

eskbanker

Susan1942 said:

I will try and find time to find time to see who is paying the best on a cash Isa.  I don't want all this money sitting in my current account at the moment in excess of £72,000/ Could I do this online or would I need to go in to a bank or building society to open it.  Again  I am going to follow the advice given by MSE members.  
I would appreciate if anyone can tell me where I am likely to find the best interest rates.

There isn't really any need to ask on the forum, when the main site has all the relevant information:

https://www.moneysavingexpert.com/savings/best-cash-isa/

There are more comprehensive listings at Moneyfacts if you wish to filter by online versus branch, for example.

https://moneyfactscompare.co.uk/isa/

Come back and post if you have any specific questions about the products or providers that aren't answered in the articles though.

Susan1942

Thanks you so much for the information  I will look at these sites