Windfall Savings Scheme

[John Fontaine]

I recently met with an advisor from Cornmarket.

I am in a position to save €800-€1000 a month for the next number of years.
He has recommended their Windfall Savings Scheme.
The initial set up is €300.

His example was if I put away €700 per month for 10yrs [€84000], then this would get me a return of about €107500. I don't have to commit to the full 10yrs and can stop it whenever I want.

What do people think about this? Is there better options out there?

 

[jpd]

This implies an interest rate of 4.75% over the 10 years - obviously, it is not invested in a secure investment such as a government bond (well, generally considered secure) which pay about 0.75% for a 10-year bond currently.

To get a meaningful answer, you would need to give some more information, such as importance of security, your attitude to risk - could you afford to lose 20% of the investment, for example, do you need access to it,...

Also, how does the Windfall Savings Scheme work - where is the money invested?

 

[Boyd]

I cant find any reference to the scheme on the Cornmarket website either. Its certainly a misnomer if it is an investment rather than a saving scheme.

Best regular saver scheme is Nationwide UK at 4% per annum. Next best is KBC at 3.5%. Your account seems to be better than both of these so as JPD indicated above, its unlikely to be capital guaranteed.

I think you need to read the documentation very very carefully and be sure you know what you are entering into here.

 

[Slim]

Cornmarket have a disclaimer on their website in relation their savings and investment products to the effect that you can lose some or all of your investment. These forums have had plenty of examples over the last few years where actual performance on such products fell far short of projections! Beware!