BOI fund

C

Chocolatechip

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I have been reading the forum & am now wondering if it is time to cash out my BOI fund.
It is an iFund 3 S9 if that helps. Opened with 20K in 2011. now at 24,181K gross tax. 23,595K net tax today. Have no other investments.
Have 5yr state saving certs for other savings & wondering if I should close this fund & move to the state savings.
Thanks for advice.
 
To get a meaningful response to this question you need to post a lot more information - age, income, goals, pension status, ...
 
Chocolatechip said:
I have been reading the forum & am now wondering if it is time to cash out my BOI fund.
It is an iFund 3 S9 if that helps. Opened with 20K in 2011. now at 24,181K gross tax. 23,595K net tax today. Have no other investments.
Have 5yr state saving certs for other savings & wondering if I should close this fund & move to the state savings.
Thanks for advice.
Click to expand...
Even if you take it out and go for the highest paid interest in the state savings, ie, the 10 year one, you'll earn less than 1%, and have to leave it there for the full time period. Sadly it's not a lot of money to play around with in other funds, etc, because of charges.
 
I completed a money makeover in March & got great advice..
I'm 41, teacher, with avcs
Husband 41, construction increased pension contributions due to advice here.
4 kids, mortgage free. Approx 100k spread around on deposit, state savings, including this 24k in BOI..
I know interest rates are low so I was just wondering if it is doing ok or worth moving it somewhere.. thanks
 
Just spotted you have 4 children, depending on their ages will determine a lot going forward. Well done on being mortgage free. I don't know enough about your pension contributions as a teacher to advise you, but that's the avenue I would be investigating.
 
Kids are from 11-4. So time before college.. I started teaching late so would need to teach until 66 for full 40 years.. hense the avcs as don't plan on teaching until then. Also have a small pension from 1st job..
I guess I was just wondering if I should leave the 23k with BOI ? Or would it make similar in a state savings as it's tax free
 
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