Author Topic: Premium Bonds (Read 32280 times)

Andy @ Allerton! · « **Reply #120 on:** January 7, 2022, 06:21:36 pm »

Not how owt for a while

£50 this week

Bonza!

Joff · « **Reply #121 on:** February 2, 2022, 12:56:46 pm »

2 x £25 this month

rob1966 · « **Reply #122 on:** February 2, 2022, 02:23:34 pm »

1 x £25 and 2 x £25 this month

BlackandWhitePaul · « **Reply #123 on:** February 2, 2022, 04:46:52 pm »

I hold £10,000 worth and for the 4th month in a row won Sweet FA.

John C · « **Reply #124 on:** February 2, 2022, 05:16:57 pm »

Just a few £25's in to the house, not much at all considering .....

west_london_red · « **Reply #125 on:** February 2, 2022, 07:09:05 pm »

Second month in and already £25 up!

Elmo! · « **Reply #126 on:** February 2, 2022, 07:10:33 pm »

Not to be an arsehole but all the posts about how much you have won are rather meaningless without knowing how many you own.

So fess up, I want to know how rich you all are.

Joff · « **Reply #127 on:** February 2, 2022, 11:39:48 pm »

Quote from: Elmo! on February 2, 2022, 07:10:33 pm

Not to be an arsehole but all the posts about how much you have won are rather meaningless without knowing how many you own.

So fess up, I want to know how rich you all are.

You're right of course.
I have quite a lot, not the maximum though. And I'm definitely not rich 🤣

67CherryRed · « **Reply #128 on:** February 3, 2022, 09:00:45 am »

£7550 invested here, and not won a bean since last May.

Jake · « **Reply #129 on:** February 3, 2022, 09:41:45 am »

Nothing again from my 4900. Gonna start shaking John C down for the pennies I'd have earned in a shitty ISA

west_london_red · « **Reply #130 on:** February 3, 2022, 12:08:38 pm »

£30k, but only bought them in December so only been in two draws.

Another increase in rates announced, maybe this might trigger an increase in savings rates and then the Premium Bond prizes but I doubt it will be passed on.

Elmo! · « **Reply #131 on:** February 3, 2022, 12:11:17 pm »

Quote from: west_london_red on February 3, 2022, 12:08:38 pm

£30k, but only bought them in December so only been in two draws.

Another increase in rates announced, maybe this might trigger an increase in savings rates and then the Premium Bond prizes but I doubt it will be passed on.

It probably will be eventually. I think even after the last small rise some banks have raised their savings rates and that will happen again now.

Then people stop buying premium bonds and use savings accounts instead. NS&I will respond to remain competitive.

Red-Soldier · « **Reply #132 on:** February 3, 2022, 12:22:50 pm »

You can currently get 2.2% in savings, if you shop around.

Elmo! · « **Reply #133 on:** February 3, 2022, 12:25:05 pm »

Quote from: Red-Soldier on February 3, 2022, 12:22:50 pm

You can currently get 2.2% in savings, if you shop around.

Only if you lock your money away for 5 years.

EDIT: and it's for a minimum of £25k

CraigDS · « **Reply #134 on:** February 3, 2022, 12:41:56 pm »

Quote from: Elmo! on February 3, 2022, 12:25:05 pm

Only if you lock your money away for 5 years.

EDIT: and it's for a minimum of £25k

Yeah it’s about 0.7% for instant access.

Red-Soldier · « **Reply #135 on:** February 3, 2022, 01:08:28 pm »

Quote from: Elmo! on February 3, 2022, 12:25:05 pm

Only if you lock your money away for 5 years.

EDIT: and it's for a minimum of £25k

Of course, you have to decide if you want to keep it in there for a few years. You will never get as much with instant access, that's generally how savings work.

A quick search brings up 2.1% with a £1k deposit minimum, fixed for 5 years.

A one-year fixed at 1.35%, £50 startup.

I'm guessing 99% of people in here have had, or plan to have their bonds for longer than a year.

Andy @ Allerton! · « **Reply #136 on:** February 3, 2022, 01:14:10 pm »

£25 smackeroonies today.

Marvellous.

CraigDS · « **Reply #137 on:** February 3, 2022, 01:14:18 pm »

A big plus of bonds is due to the fact people have near instant access to it though. You can’t really compare them to long term fixed options.

Elmo! · « **Reply #138 on:** February 3, 2022, 01:21:53 pm »

Quote from: Red-Soldier on February 3, 2022, 01:08:28 pm

Of course, you have to decide if you want to keep it in there for a few years. You will never get as much with instant access, that's generally how savings work.

A quick search brings up 2.1% with a £1k deposit minimum, fixed for 5 years.

A one-year fixed at 1.35%, £50 startup.

I'm guessing 99% of people in here have had, or plan to have their bonds for longer than a year.

The point about premium bonds is that if something goes wrong you can get your money out in a couple of days. They aren't really comparable products in that regard.

Different people have different requirements for their savings, and bonds serve some purposes well where fixed term deals don't. Premium bonds are a pretty good place to keep an emergency fund for example which fixed rate deals are unsuitable for.

Red-Soldier · « **Reply #139 on:** February 3, 2022, 02:24:27 pm »

Quote from: Elmo! on February 3, 2022, 01:21:53 pm

The point about premium bonds is that if something goes wrong you can get your money out in a couple of days. They aren't really comparable products in that regard.

Different people have different requirements for their savings, and bonds serve some purposes well where fixed term deals don't. Premium bonds are a pretty good place to keep an emergency fund for example which fixed rate deals are unsuitable for.

Yep, I agree. If you are looking at locking your savings away for at least a year, then fixed savings accounts offer you a better, guaranteed return on your money.

The nearest thing Premium Bonds have to an interest rate is their annual prize rate, currently 1%.

Andy @ Allerton! · « **Reply #140 on:** February 3, 2022, 02:41:05 pm »

Quote from: Red-Soldier on February 3, 2022, 02:24:27 pm

Yep, I agree. If you are looking at locking your savings away for at least a year, then fixed savings accounts offer you a better, guaranteed return on your money.

The nearest thing Premium Bonds have to an interest rate is their annual prize rate, currently 1%.

Unless you win £1,000,000

I won £500 one week last year.

Jake · « **Reply #141 on:** February 3, 2022, 03:12:02 pm »

You're both right.

You can get more interest if you want to lock your funds away.
You can get easier access and the (slim) chance of larger prizes if you go with PBs.

We all deserve more money

even Andy.

Elmo! · « **Reply #142 on:** February 3, 2022, 03:27:59 pm »

That 2.2% account has a pretty small target market IMO. You need to have £25k spare you can afford to lock away for years, and if you are relatively young, most will be able to tolerate a bit of risk and get higher returns investing that money in index funds.

It's best for people approaching retirement or already retired who will have a much lower risk tolerance.

Joff · « **Reply #143 on:** February 3, 2022, 04:22:27 pm »

Ok I'll bite as everyone else is.
£30,225. I think.

We would like instant access as we are considering paying ogg mortgage, but haven't got a clue of it's the best idea or not.

.adam · « **Reply #144 on:** February 3, 2022, 04:48:23 pm »

Quote from: Joff on February 3, 2022, 04:22:27 pm

Ok I'll bite as everyone else is.
£30,225. I think.

We would like instant access as we are considering paying ogg mortgage, but haven't got a clue of it's the best idea or not.

As a general rule, paying off your mortgage is advisable if the interest on your mortgage rate exceeds the rate of return you'd get from having your money invested. Given that your cash is invested in Premium Bonds where the returns are pretty low, it's probably better spent paying off your mortgage.

Andy @ Allerton! · « **Reply #145 on:** February 3, 2022, 04:49:16 pm »

Quote from: Joff on February 3, 2022, 04:22:27 pm

Ok I'll bite as everyone else is.
£30,225. I think.

We would like instant access as we are considering paying ogg mortgage, but haven't got a clue of it's the best idea or not.

I believe there is space in Red-Soldier's "Mattress" fund

Red-Soldier · « **Reply #146 on:** February 3, 2022, 05:00:30 pm »

Quote from: Joff on February 3, 2022, 04:22:27 pm

Ok I'll bite as everyone else is.
£30,225. I think.

We would like instant access as we are considering paying ogg mortgage, but haven't got a clue of it's the best idea or not.

I would second what adam posted above.

Red-Soldier · « **Reply #147 on:** February 3, 2022, 05:38:55 pm »

Quote from: Elmo! on February 3, 2022, 03:27:59 pm

That 2.2% account has a pretty small target market IMO. You need to have £25k spare you can afford to lock away for years, and if you are relatively young, most will be able to tolerate a bit of risk and get higher returns investing that money in index funds.

It's best for people approaching retirement or already retired who will have a much lower risk tolerance.

Yes, but what about the 1-year fixed at 1.35%, with £50 startup I quoted..............?

Elmo! · « **Reply #148 on:** February 3, 2022, 05:39:27 pm »

Quote from: Red-Soldier on February 3, 2022, 05:38:55 pm

But what about the 1-year fixed with £50 startup I quoted..............?

It will suit some people and won't others.

Red-Soldier · « **Reply #149 on:** February 3, 2022, 05:41:23 pm »

Quote from: Elmo! on February 3, 2022, 05:39:27 pm

It will suit some people and won't others.

Of course, isn't that the nature of all the accounts. It's good that there's choice, no.

Elmo! · « **Reply #150 on:** February 3, 2022, 05:41:53 pm »

Quote from: Red-Soldier on February 3, 2022, 05:41:23 pm

Of course, isn't that the nature of all the accounts. It's good that there's choice, no.

Absolutely.

Joff · « **Reply #151 on:** February 3, 2022, 06:46:20 pm »

Quote from: .adam on February 3, 2022, 04:48:23 pm

As a general rule, paying off your mortgage is advisable if the interest on your mortgage rate exceeds the rate of return you'd get from having your money invested. Given that your cash is invested in Premium Bonds where the returns are pretty low, it's probably better spent paying off your mortgage.

Yes, but with inflation going quite high and would prefer to have cash available for the forseeable. I've only got 5 years left as it is as I overpay 3 x what my monthly payment is supposed to be

67CherryRed · « **Reply #152 on:** February 3, 2022, 10:00:55 pm »

Quote from: Joff on February 3, 2022, 06:46:20 pm

Yes, but with inflation going quite high and would prefer to have cash available for the forseeable. I've only got 5 years left as it is as I overpay 3 x what my monthly payment is supposed to be

And you're always included in what is basically a free lottery with premium bonds. Someone has to win the big prizes.

Joff · « **Reply #153 on:** February 4, 2022, 09:00:18 am »

Quote from: 67CherryRed on February 3, 2022, 10:00:55 pm

And you're always included in what is basically a free lottery with premium bonds. Someone has to win the big prizes.

Yeah, I do enjoy seeing if I've won £50 or whatever. A frisson of excitement

Jake · « **Reply #154 on:** February 4, 2022, 09:43:23 am »

I long for the day of my first win

Enjoying throwing a few extra hundred in the pot per month, just feels like buying lottery tickets

WhoHe · « **Reply #155 on:** February 4, 2022, 11:25:05 am »

Won £25 from just over 23k, I reinvest so it at least looks like I'm making something, £100 is the most I've ever got.

west_london_red · « **Reply #156 on:** February 4, 2022, 05:32:05 pm »

Quote from: Jake on February 4, 2022, 09:43:23 am

I long for the day of my first win

Enjoying throwing a few extra hundred in the pot per month, just feels like buying lottery tickets

That’s always been my logic, I dream of winning the lottery but hardly ever buy a ticket and with premium bonds you get to keep the money you spend on buying the ticket!

Joff · « **Reply #157 on:** March 1, 2022, 09:01:07 pm »

£50 This month... feels like a loss 🤣

BlackandWhitePaul · « **Reply #158 on:** March 2, 2022, 12:38:39 pm »

Quote from: BlackandWhitePaul on February 2, 2022, 04:46:52 pm

I hold £10,000 worth and for the 4th month in a row won Sweet FA.

5th month in a row now.

Millie · « **Reply #159 on:** March 3, 2022, 06:39:10 pm »

My Mum has just won £550 - one £500 and two £25's.