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'Long Term Savings scheme'??

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  • 07-01-2009 10:40pm
    #1
    El Chucko
    Registered Users Posts: 36 ✭


    ....is how my bank described it to me over 5 years ago.

    Basically I've been paying next to nothing (€50 - €60) to a major financial institution every month since then. I was advised not to touch the money and 'let it work for me' in the long term. I calculate that my outgoings amount to €3,500 so far. The payments are indexed, apparently.

    I would like the money to be more accessable - can I transfer it to a basic savings account? Any advice is appreciated (numbers and I don't mix!)


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    #2
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    It sounds like some sort of stock market based investment. If it is - I would be surprised if it's even worth what you put into it now - with the way the stock markets have gone in 2008.
    I suggest you find out exactly what type of investment it is from the company that sold it to you. (I'm sure you will find something in the small print that says the value of your investment can go up as well as down). Maybe it isn't a stocks and shares type of investment - but if it is they should have explained that to you at the time.


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