Pathetic Co-op return
- From: "Mark" <mark.mrobertson@xxxxxxxxxxxxxx>
- Date: Wed, 28 Jun 2006 08:28:08 GMT
Hi My wife has been paying £25 per month for the past 78 months into a CIS
Platinum Plus "savings" scheme. She just got her statement and did what she
usually does with it, shoved it in a drawer without looking at it.
So I decided to have a look at it. She has paid in £1950 and it is worth
£2138.32 after 6 years and 4 months. What a pathetic return.
This is made up of
value of plan £2091.01
Final Bonus +£156.06
MARKET VALUE REDUCTION -£80.75
Cash in Charge -£36.00
What do you think she should do with it? Cash it in and put the money plus
£25 per month into a high interest savings account? Or leave it for another
year?
This savings scheme came about through talking about needing to save more
for her retirement with someone at her work whose husband happened to work
for "The Co-op". Her workmate no longer works there, having since retired.
First I knew about it was when I got home from my work, a long time ago, and
my wife told me she was saving £25 a month for her retirement. Since we
normally don't interfere in each others financial affairs, I pay the house,
insurances etc, she buys the food and spends her money on whatever she
wants, I never paid much attention. My wife only works part time and isn't
paid very much.
I know what I would do with it, open an account with ICICI for her.
Thanks Mark
.
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