geezer466 Posted April 15, 2016 Share Posted April 15, 2016 Who recalls these? Some of us dived in 5 years ago think the maximum investment was £10,000. Anway they are coming to maturity.. Got a letter came through this morning asking what I wanted to do with mine as it matures on 13th May. Mentioned I had a maturity value of £114.61. Gave me quite a shock as I thought I had invested £10,000. Anyway after a quick call when the chap didn't tell me very much I was able to deduce that I have two certificates. One for £100 the other for £9,900. Think I opened the account and sent £100 to start to make sure it all went through ok. The maturity notice for the £9,900 will follow in a few days.. Anyway from the interest on the £100 which was £14.61 over the 5 years the un-compounded rate on £9900 (99*14.31) should be £1446.39 + the original £14.61 giving a return of £1461 pounds for the £10k investment. Anyway my question. I am usually savings illiterate (maybe you can tell from my workings above)? Is it worth leaving this sum in there? Quote Link to comment Share on other sites More sharing options...
RentingForever Posted April 15, 2016 Share Posted April 15, 2016 I've got some of these. They roll over to RPI + 0.05% tax-free. RPI at the moment is 1.6% (see https://www.ons.gov.uk/economy/inflationandpriceindices),so it's beating most ISAs. The early withdrawal penalty isn't too onerous - loss of a year's interest I think. I think it's still a good deal if you don't have the stomach for the stock market roller coaster. I don't, so plan to roll it over. I think interest rate rises of sufficient size to raise savings rates to beat this are still some way off. Note that you can't buy invest in these now as a new customer, you can only roll over existing ones. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted April 16, 2016 Share Posted April 16, 2016 I'm moving mine into my pension so i can get the tax back. Instant 40% 'uplift'. Quote Link to comment Share on other sites More sharing options...
shindigger Posted April 16, 2016 Share Posted April 16, 2016 I have a 3 year about to roll over. No brainer really. Secure (ish) tax free, not in a bank. Have a 5 year 5% cash ISA ending today too. Quote Link to comment Share on other sites More sharing options...
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