cashing in a childrens savings bond.whats the best way?

shelovestobuystuff

I need some cash for big utility bills and have asked my insurance company how much I would get for cashing in one of my kids investment bonds.It was a 10 year policy and I have had it for 7 years so have paid in £2,100(£25 a month,correct me if my maths is wrong please).A bit dissapointed to be told it was worth just over £1,300,quite a bit less than I have paid in to it.I thought childrens savings were safer than that and I didnt expect to get less than I had paid in.
I am not good at keeping paperwork so cannot find the original paperwork for the policy but I really thought this money was quite safe,not so,I have lost over £700 over 7 years of saving!
Its a scottish friendly policy for children,a savings bond at the monimum £25 a month investment.Does anyone know what the usual payout is after this time or where I could maybe sell the policy for more than the surrender value?

Just wanted to add that I did not ,or my child did not qualify for any of the government lump sums to kick start this policy,it is all my own money.

Actually just raelised I took out the policies in January 7 years ago so longer than 7 years I have been saving.

shelovestobuystuff

Also the with profits amounts they advertise this savings account with is 5.2% when their actual with profit funds are running at an average of 0% with some at -0.3% and the best performing at just 0.1%.Yet they are still using the 5.2% for predictions in all their sales material?I feel I have been cheated out of my money,I thought it was safe with them.
I just got this info online and it was not available to me at the time I opened the policy.

baby_boomer

Dontcha just lurve "with profits" . See the Axa SunLife thread for a similar experience .

shelovestobuystuff

I have heard there are places which will buy a policy and pay a better rate than the cash in value,any pointers appreciated.

martinman3

shelovestobuystuff wrote: »

I have heard there are places which will buy a policy and pay a better rate than the cash in value,any pointers appreciated.

The site you mean is http://www.apmm.org/

You policy may be unit based in which case it cannot be traded.:(