Premium bonds - weird coincidence

[SpokeyDokey]

I attribute the success of PB's to the National Lottery - it's turned us into a nation of reckless gamblers.

(TIC for the humourless.) 🙂

 

[Mo1959]

I attribute the success of PB's to the National Lottery - it's turned us into a nation of reckless gamblers.

(TIC for the humourless.) 🙂

Not sure I would call the Premium Bonds reckless, at least compared to other forms of gambling.

 

[ebikeerwidnes]

Not sure I would call the Premium Bonds reckless, at least compared to other forms of gambling.

It is sort of like it

but as they give you the money back if you ask for it (after a delay) it is not a risk
except that you loose any interest you would have got in a savings account

but you MIGHT win The Big One!!!

but you won't
so basically it is about the same odds as the Omaze house - but you can get your stake back
and the odds are pretty much the same
i.e. no chance!

 

[briantrumpet]

Not sure I would call the Premium Bonds reckless, at least compared to other forms of gambling.

It used to be a regular suggestion on investment programmes, as long as you put in a big enough chunk that you got at least close to the return on regular NS&I savings accounts, as it gave the investment a monthly entertainment aspect, and was part of a wider portfolio.

The smaller the amount, the more hit & miss it gets, as I seem to have found out: when I was maxed out, I got something virtually every month, though nothing big. Now it's 1/2 or 1/3 that I get a trivial amount.

 

[SpokeyDokey]

Posted before but just updated. Worth a read through if you have a decent chunk of your cash invested in PB's:

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

 

[briantrumpet]

Posted before but just updated. Worth a read through if you have a decent chunk of your cash invested in PB's:

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

Thanks. Having read that, I think I'll transfer the rest over into a normal NS&I savings account. Doesn't seem to be any real incentive to keep the money in them instead of a guaranteed return, given the minuscule possibility of a big win.

 

[mistyoptic]

Thanks. Having read that, I think I'll transfer the rest over into a normal NS&I savings account. Doesn't seem to be any real incentive to keep the money in them instead of a guaranteed return, given the minuscule possibility of a big win.

I’m keeping mine in. We know, personally, two big winners. One a five figure winner and the other that qualified for a visit from National Savings.

Ok, it won’t happen to me but it gives one hope.

 

[SpokeyDokey]

I’m keeping mine in. We know, personally, two big winners. One a five figure winner and the other that qualified for a visit from National Savings.

Ok, it won’t happen to me but it gives one hope.

I can understand that more if you have saved a low PB value as opposed to a high value.

At full £50k allowance, and based on our own current range of savings & investments, the cost of unrequited 'hope' would be anywhere between £2055 (our lowest rate cash ISA) & £4200 (early noughties pension investment) pa.

 

[briantrumpet]

That's the deed done - PBs will go into the Direct Saver pot after the next draw... give them one last chance for a biggie, but I won't miss the disappointment of not winning yet again. Despite the maximum holding for a couple of years (reduced more recently), the best emotion was just above "meh", so I won't miss looking at the PB app at the start of every month.

 

[MontyVeda]

It is sort of like it

but as they give you the money back if you ask for it (after a delay) it is not a risk
except that you loose any interest you would have got in a savings account

but you MIGHT win The Big One!!!

but you won't
so basically it is about the same odds as the Omaze house - but you can get your stake back
and the odds are pretty much the same
i.e. no chance!

When i invested in PBs the best i could get from a savings account was 1%. It's improved since but i reckon the few winnings I've had put the return on much of a muchness with a savings account.

 

[SpokeyDokey]

When i invested in PBs the best i could get from a savings account was 1%. It's improved since but i reckon the few winnings I've had put the return on much of a muchness with a savings account.

Savings a/c's are poor performers - look at fixed rate ISA's & Bonds, and beyond that S&S investments, etc.

 

[bikingdad90]

Savings a/c's are poor performers - look at fixed rate ISA's & Bonds, and beyond that S&S investments, etc.

Depends on the bank. My bank offers a better rate for some saving products than it does for ISA’s and some bonds when fixed rate, but the variable rates are lower then not in an ISA.

 

[Ianonabike]

I won £1k last month, with only £1k in, so have to say I'm pretty happy with them. The question is, will I ever win anything again?

 

[SpokeyDokey]

Depends on the bank. My bank offers a better rate for some saving products than it does for ISA’s and some bonds when fixed rate, but the variable rates are lower then not in an ISA.

Serious question as we have a number of funds reaching full-term in the next month or so; which bank please?

 

[sungod]

Serious question as we have a number of funds reaching full-term in the next month or so; which bank please?

it varies, accounts often are limited-time issues, also depends on access type, amount etc.

ignoring the ones with low caps...

chase 4.75% sounds good, it's bonus based and drops after year one, but if you'll leave the money 12 months it's probably the best deal

for straight easy access, in august you could get 4.4%, at the moment 4.3% is doable, if you're willing to go with a longer notice account you can do better

have a look here, it's generally up to date... https://www.moneysavingexpert.com/savings-hub/