Premium bonds

You used (till recently) to be able to get 5% on various bank accounts and drip feed savings accounts.
Most of those have now gone/reduced.
Eg tsb drops to 3% in July. Nationwide seems to have stopped completely. Lloyds now 2%

Paying off debts (mortgage/cc’s) is now by far the best ‘investment’ available.

I’m saving for something big next year, so need access to the cash, so have started lumping into premium bonds - access, safe and chance of a bonus.
 
Eccles Blue said:
Now you are all going to laugh at this but I don't care!!

I have had ONE Premium Bond since the week they first came out in November 1956. At the firm I then worked for we all put in 1/- a week (5p for you youngsters) and as there were 20 of us we bought 1 bond and had a draw to see what order we would receive a bond and my name came out first. The idea was that, whilst we worked together, if we won the money would be split equally between us all. When someone left the bond went with them. (Just to give you an idea of prices etc. I was earning £2.00 a week at the time so a shilling felt like a lot of money when I was giving my Mum £1.15s for my keep. (£1.75 young 'uns) and having 5 shillings (25p) to pay for my lunches and my bus fares to work and my pocket money!!

Now 62 and a half years later, I am still waiting for my win!! But it is too much trouble to cash it in for £1 when maybe before I die I will win!! Is that the eternal optimist in me or what? After all I was supporting City for 50 odd years before we got some luck there!!! :-)


When I had my kids I bought them 1 each at the time of their birth and they have all won small amounts over the years!! But nothing for a few years now. I don't really think, now that they can only be bought in 'bulk', that ours actually still go in the draw!!! (just kidding)
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I had one bought for me as a birth present in 1957 still not won anything yet
 
Chippy_boy said:
No, it is not.

You were unlucky and that's not the usual experience. The median average earning for someone with £31,000 is £400, i.e. over 1% per year.

https://www.moneysavingexpert.com/savings/premium-bonds/
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Try retaking O level maths.

You said “if you have tens of thousands of them, then you pretty much win every month“

If that were true there wouldn’t be a bell curve distribution of winnings would there?
 
denislawsbackheel said:
Try retaking O level maths.

You said “if you have tens of thousands of them, then you pretty much win every month“

If that were true there wouldn’t be a bell curve distribution of winnings would there?
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No need for the dickhead comment.

The plain fact is if you have say £40,000 you do win nearly every month and often more than one £25 per month, and you end up with on average 1.x% return per annum. Sorry again if you had shit luck.
 
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Me and my two brothers each had a £1 bond bought for us when we were born.
I have mine with me in a shoe box of my "important stuff" - never checked to See if I have won though.....

Remember every Saturday morning in the late 60's and into the 70's listening to Radio 1 and the news would announce this weeks PB winners and would say where they were from and 9 times out of 10 they were always from Surrey, Middlesex, Essex or Buckinghamshire. A deep ingrained grudge against southerners developed from that early age....
 
In the last 6 months I've won £125, £75 of which I found out about today. I can go 2 or 3 months without a win, but it's "dead money" to me, my "rainy day" savings.
Mind you, I did have a £25,000 win last year. I'm still stunned!
 
Swap your bank account to nationwide and take advantage of their 5% on £2500 for a year, do the same with another bank account and swap that to first direct get the £125 cashback and access to a 5% ISA for the year where you pay in 300 a month. If you are referred to Nationwide you will also get £100 cash for swapping. Them 2 things alone will make you more money.
 
over the years I've won about double what I'd have made in interest in a standard bank account, biggest win £100, but a fairly regular £25
 
Scottyboi said:
Swap your bank account to nationwide and take advantage of their 5% on £2500 for a year, do the same with another bank account and swap that to first direct get the £125 cashback and access to a 5% ISA for the year where you pay in 300 a month. If you are referred to Nationwide you will also get £100 cash for swapping. Them 2 things alone will make you more money.
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Hmmmmmm, I make that £350? My Premium Bonds netted me £575 over the last year and that's net, whereas the £350 is taxable.
 
I save with a gold account through the credit union and get 2.5 % on all my savings. Not a great dividend but certainly better then the bank.
 
117 M34 said:
Does anyone have premium bonds?

I have a bit of cash in a savings account with the bank and getting 0.6% interest.

I would want to be able to take it out at any time that I want and it needs to be risk free - I don't want to end up losing large chunks of it.

Would premium bonds work for me?

Any pros/cons?
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Do you have much spare time in the evenings? Can make your money go a lot further match betting tbh, a few blues on here have been doing it and can vouch for me (have a different name on the site i use). I have done it for a couple of years now, made 40k plus and I started with just 5k capital. Gambling transactions are already taxed too which comes in handy!

So yeah if you have some spare time in the evenings and weekends I reckon you should put your money into that instead, you will make more in one month than it would in 1 year with premium bonds.
 
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