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Need to save £6000 in 3yrs-How should i do it?


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Hello, my parents took out an endowment policy 22 years ago to pay their mortgage and unfortunately it is going to be between £6000 and £7000 under what they need! This endowment matures in three years, i explained that if they were to start saving for it now (using the amount of £6000 as an example) then they would have to save £166 per month for 36 months. My question is has anyone any advice as to any other options other than a simple saving account over three years? After the endowment nightmare they dont want any/very little risk!

All answers greatly appreciated!

 

Ps-i believe they pay the endowment payments and the social security (or whatever the latest name for them is) pay the interest because my dad is semi-disabled.

They are basic rate tax payers! My mum is 62 and my Dad is 64....65 next week! Does this info help please?

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  • 4 weeks later...

So you're not asking how they should actually scrimp and save to find the money, rather you want to know where they can store it safely once they have it set aside, is that right?

 

I think some sort of savings account would maybe be the best option to be honest. If i was in that situation I think it's what I would do. Maybe a 6 or 12 month notice account would suit if they're absolutely not going to be taking any money out at short notice. They usually offer higher interest rates. Or maybe a cash ISA?

 

Have a look around (google, Which?, moneysupermarket.com etc) and see which banks or building societies offer the best rates on different types of accounts. Some savings accounts are pitiful, some are not too bad. Some offer better rates to online customers as well.

 

Hope that might help you some :-)

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  • 2 weeks later...

Cash Isa is probably a good idea however NS&I do a direct saver account with a interest rate at the moment of 2%

its easy access and can be done online, also its safe

that might be the way to go - Good Luck

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Depositing the money in a good security bank with low (3-4%) interest would be a good option for you, and I have to agree that storing so much money in your home is not a good thing, even if it isn't very much some crazy "guys" might want to steal it from you so you better keep it secure.

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  • 2 weeks later...

Have they spoken to their mortgage provider. They may be able to arrange to pay extra off their mortgage each month, which should reduce the amount required to be paid off at the end of the term.

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