I'm an idiot with things like that. I'd end up losing the lot if i tried to be clever with it.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Premium bonds
- Thread starter 117 M34
- Start date
Scottyboi
Well-Known Member
I'm an idiot with things like that. I'd end up losing the lot if i tried to be clever with it.
Yeah it's a head fuck at first but once it clicks it is a piece of piss, it's getting harder to make good money though as more and more people have started doing it. But even if you just did bookie sign ups you will make 1k.
If you ever think about it give us a shout ill help you best I can.
Chippy_boy
Well-Known Member
Interest is taxable. The £125 cashback is not, to be fair.The 350 isn't taxable mate.
Last edited:
york away to this!
Well-Known Member
- Joined
- 23 Jul 2009
- Messages
- 11,020
Damn. I read the thread title as premium blondes...
Dave Ewing's Back 'eader
Well-Known Member
Odds of winning are very long , but on the plus side they are a safe investment
Yep, unlike the Lottery, if yer don't win yer get yer money back. I bought a few when I retired to add to the £5 me Mam bought me when they came out, and sold 'em when my ERO wanted a flat in Corbyniadom, and I was winning what amounted to 2.5% which was about ten times what a cash ISA was delivering.
Ribchester
Well-Known Member
- Joined
- 1 Mar 2019
- Messages
- 2,259
- Team supported
- MCFC(1965)
From my experience ERNIE is a fuk#£g rag or works for the FA either that or all my numbers have been warmed up. He should have stuck to throwing pies at Two Ton Ted from Teddington
flook
Well-Known Member
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.
Matched betting is a great way to make money for a limited time, £25k in 2 years until the bookies limited all my accounts, quite a buzz (for me at least) dropping £1000 bets on a premier league team or geegee and hoping the odds don't shift in the 5 seconds or so it takes to lay it off :)
Scottyboi
Well-Known Member
Interest is taxable. The £125 cashback is not, to be fair.
You get 1k of interest tax free a year on lower tax band or 500 on higher, plus any money in an isa is tax free so you will not be affected.
Scottyboi
Well-Known Member
Matched betting is a great way to make money for a limited time, £25k in 2 years until the bookies limited all my accounts, quite a buzz (for me at least) dropping £1000 bets on a premier league team or geegee and hoping the odds don't shift in the 5 seconds or so it takes to lay it off :)
You have to adapt mate I'm earning more than ever at the minute but I don't take close matches or use oddsmatchers and avoid price boosts
I love it mate changed my life.
Chippy_boy
Well-Known Member
You get 1k of interest tax free a year on lower tax band or 500 on higher, plus any money in an isa is tax free so you will not be affected.
I do know this, and you're right sort of, but not completely.
The interest is subject to tax. Whether you have to pay it will depend on the personal savings allowance and whether you get any. Yes you *may* have a £1k allowance, but you may not. If you pay additional higher rate tax, your personal savings allowance is zero.
But technically the interest is subject to tax, in the same way that income is subject to tax. No-one would say that income is not subject to tax would they, but you get a personal allowance which means you might not pay any on that either.
W
W
worsleyweb
Guest
Damn. I read the thread title as premium blondes...
I can tell you from experience they don’t produce a great return on investment.
Scottyboi
Well-Known Member
I do know this, and you're right sort of, but not completely.
The interest is subject to tax. Whether you have to pay it will depend on the personal savings allowance and whether you get any. Yes you *may* have a £1k allowance, but you may not. If you pay additional higher rate tax, your allowance is zero.
But the interest is subject to tax, in the same way that income is subject to tax. No-one would say that income is not subject to tax would they, but you get a personal allowance which means you might not pay any on that either.
I'm going to hazard a guess that this won't ally to the OP.
Additional rate taxpayers do notreceive a PSA and must pay tax on anysavings income they receive onsavings outside an ISA account. As a result of the new PSA, the majority of savers in the UK no longer have to pay any tax on their savings income
Chippy_boy
Well-Known Member
Agreed. I was merely disagreeing with your statement that "the £350 is not taxable". It is taxable.I'm going to hazard a guess that this won't ally to the OP.
Additional rate taxpayers do notreceive a PSA and must pay tax on anysavings income they receive onsavings outside an ISA account. As a result of the new PSA, the majority of savers in the UK no longer have to pay any tax on their savings income
And also, with respect, your comments about ISA's above are a bit irrelevant. You were suggesting how someone can make £350 by switching bank accounts.
Incidentally, I am not entirely sure that the £125 isn't taxable either. In the case of cash backs on purchases, it is not treated as income, but as additional disount on the purchase price and is therefore not subject to income tax. In the case of switching accounts, where you are not "buying" anything, this is moot. It would be interesting to hear how the HMRC views this.
But overall, I do agree with you that most people reading this thread would not have to pay tax on the £350.
Scottyboi
Well-Known Member
Agreed. I was merely disagreeing with your statement that "the £350 is not taxable". It is taxable.
And also, with respect, your comments about ISA's above are a bit irrelevant. You were suggesting how someone can make £350 by switching bank accounts.
Incidentally, I am not entirely sure that the £125 isn't taxable either. In the case of cash backs on purchases, it is not treated as income, but as additional disount on the purchase price and is therefore not subject to income tax. In the case of switching accounts, where you are not "buying" anything, this is moot. It would be interesting to hear how the HMRC views this.
But overall, I do agree with you that most people reading this thread would not have to pay tax on the £350.
I've checked it all out on MSE, the cashback for changing is an incentive so isn't taxable.However say if I referred you to a bank and I got money it would be taxable as its effectively commission.
I'm planning on giving that kuflink a try this year you get 250 cashback on a 5k deposit and then 5% plus for 12 months.
Chippy_boy
Well-Known Member
It's not appealing to me to be honest. If you've got £5k and only £5k then to get £250 and maybe 7% on your money for 1 year is pretty good. But if you put more in of course the £250 becomes increasingly irrelevant and what matters is the risk and the return. 7% is OK ish for something that is relatively low risk, I guess, but it's not fabulous. I've had money in Lindell Train Global Equity for the past 3 years and their performance over the past 5 has been:I'm planning on giving that kuflink a try this year you get 250 cashback on a 5k deposit and then 5% plus for 12 months.
02/05/14 - 02/05/15 - 28.9%
02/05/15 - 02/05/16 - 8.36%
02/05/16 - 02/05/17- 29.61%
02/05/17 - 02/05/18 - 20.48%
02/05/18 - 02/05/19 - 24.42%
Cumulutive, +171%, which in an ISA is tax free, as you say. Shame I didn't have more to put in, and didn't do it sooner! £10k in in 2014 would now be worth £27k.
Scottyboi
Well-Known Member
It's not appealing to me to be honest. If you've got £5k and only £5k then to get £250 and maybe 7% on your money for 1 year is pretty good. But if you put more in of course the £250 becomes increasingly irrelevant and what matters is the risk and the return. 7% is OK ish for something that is relatively low risk, I guess, but it's not fabulous. I've had money in Lindell Train Global Equity for the past 3 years and their performance over the past 5 has been:
02/05/14 - 02/05/15 - 28.9%
02/05/15 - 02/05/16 - 8.36%
02/05/16 - 02/05/17- 29.61%
02/05/17 - 02/05/18 - 20.48%
02/05/18 - 02/05/19 - 24.42%
Cumulutive, +171%, which in an ISA is tax free, as you say. Shame I didn't have more to put in, and didn't do it sooner! £10k in in 2014 would now be worth £27k.
It would be for 1 year and then it would be going straight into my vanguard I reckon.
That fund you are in jesus christ decent that.
My mate on match betting forum put 100k into football index he has had an ROI of 41% in 6 months so far insane. Find it all interesting I only need 10k to match bet these days so I'm trying to find places to invest till time comes for me to buy a house.
SWP's back
Well-Known Member
- Joined
- 29 Jun 2009
- Messages
- 90,437
Disagree in the strongest terms about the mortgage or similar low interest affordable debt.Paying off debts (mortgage/cc’s) is now by far the best ‘investment’ available.
Paying off a mortgage (that had low rates and affordable repayments) reduces liquidity and the “return” over the last decade on the average mortgage is roughly 1/4 of an equity index tracker.
SWP's back
Well-Known Member
- Joined
- 29 Jun 2009
- Messages
- 90,437
First £1,000 on savings interest is tax free.Hmmmmmm, I make that £350? My Premium Bonds netted me £575 over the last year and that's net, whereas the £350 is taxable.
£500 if higher rate payer.
Scottyboi
Well-Known Member
Disagree in the strongest terms about the mortgage or similar low interest affordable debt.
Paying off a mortgage (that had low rates and affordable repayments) reduces liquidity and the “return” over the last decade on the average mortgage is roughly 1/4 of an equity index tracker.
You know shit loads regarding all this was just wondering do you think we will ever see decent interest saving rates anytime soon? Or does the bank simply not need are money as much anymore?
I look back and jesus people had it good in the 90s when it come to savings and house prices.
Chippy_boy
Well-Known Member
Have you had a go at spread betting mate? Probably not for this thread, but I was out of work for 18 months and was doing that for a while. Once I'd found my way of working (and after a few er "mishaps") I was making really good money on that. I genuinely think you can start with a couple of grand and end up being a millionaire if you're any good at it.It would be for 1 year and then it would be going straight into my vanguard I reckon.
That fund you are in jesus christ decent that.
My mate on match betting forum put 100k into football index he has had an ROI of 41% in 6 months so far insane. Find it all interesting I only need 10k to match bet these days so I'm trying to find places to invest till time comes for me to buy a house.
The scary bit is you could start with a couple of grand and lose ten, which is why spread betting got such bad press. Too many muppets without much money thought it was a get rich quick opportunity and lost more than their shirts on it. So they've tightened up the margin requirements a lot now (i.e how much cash you need in the account in order to be able to place a small bet), which means it's safer, but also a lot more difficult to make an amazing return. I was making on average 1.1% *per day*, which when you think about it, is absolutely ridiculous - I was doubling my money every 13 weeks! The problem was (a) it was far to stressful for me, (b) it was super intense and all-consuming and (c) I kept losing shed loads of my winnings, which I found really emotionally difficult to deal with. You need nerves of steel and blood that runs ice cold to do it successfully. As the amounts I was betting got bigger, I lost my bottle, and then I got a job and don't have the time anyway.