Basically the tale is that the magazine commissioned 11 people (all 55 or over) to research a total of 37 bank or building society branches belonging to the main high street financial institutions.
Their brief was to seek each branch's best advice on investing a lump sum from a one-year fixed-rate bond that had paid seven per cent, bearing in mind the tax implications, reasonable security level of the investment, fully explaining the recommended products and detailing any fees or charges likely to be paid.
Of the 37 branches visited, just four in all offered "good advice", with the remainder failing to match or reach the required expectations. Some of the advice given was often most unsuitable or failed to detail the implications of the £50k limit of the Financial Services Compensation Scheme if relevant.
Re the pound and investing it for a year... With current interest rates, I'd rather buy something now for a pound and enjoy it, than wait a year and have to pay, for instance, an extra five pence on top of the pound...:-)
Last edited by: Stuartli on Tue 6 Apr 10 at 11:14
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Cash ISAs comparison websites new
Cash ISAs comparison websites new