Too late to start an SSIA?

Dr Cox's Ego

I was wondering if its too late to start one of these. A few friends who are very much into their money persuaded me not to start one when they initially began.

voxpop

your too late by about 4 years i think

Dellgirl

Afaik there was a cutoff date when they came out. i doubt you will be able to start one now. Thats an interesting question. If I could I would start one.

TheLedge

the cut off date was April/May 2002 I think. you're definitely too late.

Funny hearing somebody advising AGAINST opening one up? Sounds a bit ridiculous to me. Reasons?

BC

Definately too late, 30th April 2002 was the deadline.
I too would curious as to reasons for NOT opening one. Its free money!

segadreamcast

Your friends were fools. They just cost you some nice money.

stag39

Dr Cox's Ego wrote:

I was wondering if its too late to start one of these. A few friends who are very much into their money persuaded me not to start one when they initially began.

i'd love to be a fly on the wall if u went in to the bank looking to start one now...
nice one..

John R

Dr Cox's Ego wrote:

I was wondering if its too late to start one of these. A few friends who are very much into their money persuaded me not to start one when they initially began.

They might be very much into their money but were bloody stupid when it came to yours. Slap them hard. Then slap yourself for paying attention to idiots.

TheLedge

when the initial advertisement for the SSIA came out, i was in Uni and a friend thought they were a con because " a pound in year one is not worth a pound in year two". because we were doing some accountancy side subject at the time...

while this may be true, i don't think he weighed up the percentage gain. If your 'pound' in year one even lost 5% of it's value in a year, thru inflation etc., then you still come out 20% better off.

moron! He thought he was the only person in the world to see this, and everyone else was an idiot!

mathie

TheLedge wrote:

when the initial advertisement for the SSIA came out, i was in Uni and a friend thought they were a con because " a pound in year one is not worth a pound in year two". because we were doing some accountancy side subject at the time...

while this may be true, i don't think he weighed up the percentage gain. If your 'pound' in year one even lost 5% of it's value in a year, thru inflation etc., then you still come out 20% better off.

moron! He thought he was the only person in the world to see this, and everyone else was an idiot!

"You know what crazy is? Crazy is majority rules."

M

drdre

i have heard theres going to be a new scheme coming within the next 1-2 years.i cannot wait as i missed out for the last ssia scheme.

anyway hope a new one comes out so we can get them and benifit from the government.:D

Selik

Dr Cox's Ego wrote:

I was wondering if its too late to start one of these. A few friends who are very much into their money persuaded me not to start one when they initially began.

With friends like that... jeez. :rolleyes:

RainyDay

TheLedge wrote:

when the initial advertisement for the SSIA came out, i was in Uni and a friend thought they were a con because " a pound in year one is not worth a pound in year two". because we were doing some accountancy side subject at the time...

while this may be true, i don't think he weighed up the percentage gain. If your 'pound' in year one even lost 5% of it's value in a year, thru inflation etc., then you still come out 20% better off.

moron! He thought he was the only person in the world to see this, and everyone else was an idiot!

I presume he failed the accountancy subject, given that he ignored the fact that you'd also be earning the standard deposit interest in addition to the Govt top-up.