Phoenix investment plan

welshgranny

Hello,
I opened an Investment account with Abbey which is now run by Phoenix. I placed £2000 in the account in the year 2000 and have not touched it since. I requested a surrender quote which came back this morning saying that the surrender value is £2070.77 but this cannot be gaurenteed as it may go up or down by the actual time I surrender. The plan is open ended so there is no maturity date. I am writing as I am so shocked and angry that after 8 years there is only £70.77 interest. I phoned their helpline to query the amount of interest and was told that today it would only be £27.96 !!!!!:mad:. Guess I should not of put the money away to forget about for a rainy day. It will make me keep checking my accounts from now on.

cheerfulcat

Hi, welshgranny,

What you have is not a deposit account, which earns interest, but an investment in one or more of Abbey's funds, which will fluctuate with the stock market. Who sold you this?

welshgranny

Hi Cheerfulcat,

I made an appointment with an adviser in my local Abbey Branch. I told him I had £2000 which I wanted to put away I was willing not to touch it for a few years. The adviser said that this would be a good way to save the money.

jem16

Were you told that your investment could go up or down? Did you mention anything about risk?

welshgranny

I was told the money could go up or down but advised that as I would be leaving the money in for a number of years without withdrawing any amount then I should be safe and to look on it as a long term investment.

jem16

Normally that is exactly what would happen. Unfortunately you made the decision to use a bank for investment advice. It was probably all put into one single fund which at the moment is doing badly.

welshgranny

Just my luck ! Thanks anyway Jem16