Premium bonds

[FantasyIreland]

I've had a similar return to your interest rate even though i have held a large amount of bonds for several years,and i've never won an individual prize greater than 50 pounds.

 

[mancityvstoke]

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?

Shop around and get better rates than that

 

[Djibrilshairdo]

The mother in law won a £25k a few years back. Fekin harpie.

 

[Chippy_boy]

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?

I think they're a good idea but something to be aware of:

When you buy them, you get entered into the next draw which falls one one full calendar month after you've bought them. So if you bought some today, the first draw you would be entered in would be July's. A bit of a con and therefore buy them at the end of the month, not the beginning. Then you "only" have to wait a month.

If you have tens of thousands of them, then you pretty much win every month and amount of money you get in winnings is fairly comparable with other instant access savings accounts. And of course you could win much more if you are lucky.

On the other hand, if you only hold a few (like £100 say) then you're not going to win in a month of Sundays. But the loss of interest on £100 is fuck all anyway, so who cares.

Either way, I think they are worth it if you want a dead safe place for some savings.

 

[SWP's back]

For the vast vast majority of people, you’d earn more in the bank at 0.6%.

They pay out the rate of inflation over the Premium Bond universe, so for every one that wins a million pounds, there are far more than a million winning nothing.

There are much better [equity] risk free options out there. Depends on how much cash you have (not asking on here) and what you want.

 

[The blue phantom]

He did a full programme on this subject earlier in the year

https://www.moneysavingexpert.com/savings/premium-bonds/

 

[i kne albert davy]

Got 50k invested in them won a grand twice most months pick up between £25-£150.

 

[denislawsbackheel]

I think they're a good idea but something to be aware of:

When you buy them, you get entered into the next draw which falls one one full calendar month after you've bought them. So if you bought some today, the first draw you would be entered in would be July's. A bit of a con and therefore buy them at the end of the month, not the beginning. Then you "only" have to wait a month.

If you have tens of thousands of them, then you pretty much win every month and amount of money you get in winnings is fairly comparable with other instant access savings accounts. And of course you could win much more if you are lucky.

On the other hand, if you only hold a few (like £100 say) then you're not going to win in a month of Sundays. But the loss of interest on £100 is fuck all anyway, so who cares.

Either way, I think they are worth it if you want a dead safe place for some savings.

Your statement about owning tens of thousands is wrong.
There was a time when I had the maximum allowed for 2 years.
There were several months I never won anything.
Over 2 years I earned just over 1%.

 

[oakiecokie]

Had mine for more than 50 years and not won a fucking bean.Glad I didn`t buy `em for myself.

 

[Tuearts right boot]

My mum's got £3000 worth and she wins £25 twice a year if she's lucky.