Topic: Premium Bonds

[BlackandWhitePaul]

Sweet FA this month and I am seriously thinking of cashing them in.

I can get 5% interest in a 1 year online fixed bond with my Bank (Lloyds) paying me £1,250 on my £25,000 . . . . £104 per month.

[BlackandWhitePaul]

£200 won this month, 2 x £100 prizes.  Makes up for last month as I got nowt then.

[rob1966]

Missus has a cob on cos they on;y won £100, greedy cow

[Joff]

Fuck all

[pw1008]

Just £50 this month.

[Lad]

Fuck all…again 😡

[Andy @ Allerton!]

175 quid last month. £50 this month. Meh.

[damomad]

Rates going up from 4% to 4.65% next month.

The chances of winning for each bond will go from 22,000-1 to 21,000-1 – the best level since April 2008 – and there will be more prizes on offer worth between £50 and £100,000.

[BlackandWhitePaul]

1 prize this month, £50.   

[JamesG L4]

£150 this month, £325 August, £250 July, £100 June, £100 May, £125 April

Cannot believe this run of luck, honestly never been this lucky with any type of chance. To the point when the luck changes and we don’t win, I’m going to fume.

[Elmo!]

£150 this month, £325 August, £250 July, £100 June, £100 May, £125 April

Cannot believe this run of luck, honestly never been this lucky with any type of chance. To the point when the luck changes and we don’t win, I’m going to fume.

It's likely just due to the increases in the prize fund that have been driven by the increased interest rates.

[Lad]

Nothing again. I have 10k in and my last win was £25 in fucking March…gonna shut it down in a fucking hissy fit and transfer to somewhere that you get actual interest.

[rob1966]

£350 between the 3 of them, that's £4k in prizes since Oct 2022, not too shabby at all.

[John C]

£350 between the 3 of them, that's £4k in prizes since Oct 2022, not too shabby at all.

My lad is the unluckiest amongst us, often nothing or £50. He won £350 today.
Others range from £50 to £150.

[Joff]

£50 which is pretty bang average

[Andy @ Allerton!]

Only a £100 so far this month

[pw1008]

£200 this month

[KJR71]

First month of doing them and won nowt.  So not that much less than what I'd get if it was in a savings account.

[damomad]

First time in a while I've had 2 months on the bounce with nothing. Going to stick with it until end of the year and maybe pack it in.

[Crosby Nick]

I have asked before and forgotten what you Premium Bonders told me…I have a few (not many) from when I was a kid. At some point I must have been in touch with them because recently after moving house a few years ago, the new owners said I had some post and it was Premium Bonds telling me I had won. That was about 5 years ago but I never let them know my new address and I have absolutely no idea of any of my details. I very much doubt I’ve ever created any kind of online account.

How can I get back in touch with them and see if I have anything for me? Is there a time limit to claim anything by if I had won? And is it easy to register/change address details etc.

Have a feeling I might even have to write in but if you guys know the best route please let me know. Thanks.

[Crosby Nick]

And all your ‘only’ amounts you’ve won look fairly decent! How much do you have to hold to win the amounts you’re all talking about?

[rob1966]

I have asked before and forgotten what you Premium Bonders told me…I have a few (not many) from when I was a kid. At some point I must have been in touch with them because recently after moving house a few years ago, the new owners said I had some post and it was Premium Bonds telling me I had won. That was about 5 years ago but I never let them know my new address and I have absolutely no idea of any of my details. I very much doubt I’ve ever created any kind of online account.

How can I get back in touch with them and see if I have anything for me? Is there a time limit to claim anything by if I had won? And is it easy to register/change address details etc.

Have a feeling I might even have to write in but if you guys know the best route please let me know. Thanks.

Give them a ring and they'll take it from there - I've always had to write a letter in the past, but they may be in the 21st century by now You get through to someone in Scotland, so its pretty easy.

Once you're sorted, registering online and for the app is easy, I manage hers and the kids bonds. There's no limit on claiming either, so if you have won, they'll pay out.

And all your ‘only’ amounts you’ve won look fairly decent! How much do you have to hold to win the amounts you’re all talking about?

Her and the kids have about £84,000 in bonds...

As for this month, soft arse took her phone to bed, woke up at 20 to 12, stayed awake, no wins, fucking fuming, she was awake until 2am, listening to me snoring my head off

[Crosby Nick]

Cheers Rob. Think I got some as a Christening present or something weird so doubt I have £84k invested.

Won about twice in my life so not holding out much help but even if I get in touch and then just sell what I have that could be helpful. I’ll give them a ring and try my luck. Cheers!

[rob1966]

Cheers Rob. Think I got some as a Christening present or something weird so doubt I have £84k invested.

Won about twice in my life so not holding out much help but even if I get in touch and then just sell what I have that could be helpful. I’ll give them a ring and try my luck. Cheers!

Very generous Granddad who had a massive pension plus worked as a black cab driver after he retired and sold his Taxi, Taxi plate and reg - TAX 1E - for shit loads once he was too old and gave all the money to his 4 Grandkids and his kids - I got a Jag off him, so I did alright too.

[gazzam1963]

Very generous Granddad who had a massive pension plus worked as a black cab driver after he retired and sold his Taxi, Taxi plate and reg - TAX 1E - for shit loads once he was too old and gave all the money to his 4 Grandkids and his kids - I got a Jag off him, so I did alright too.

I’m all for this , once you’ve stopped doing things you’ve always done like travel , footie , Going out etc then what’s the point of keeping it all till you die knowing full well your kids will get it anyway . If you’ve enough to get by and any emergency that arises I’m happy to help my kids and see them enjoy while I still can see it . Gave my lad a few bob towards his deposit a few years back then helped out with getting it all renovated , can’t beat seeing how thankful he was and how settled he is now at 27

[BlackandWhitePaul]

First month in a while when I've won nowt.   

If I cashed them in and put the £25,000 in a Virgin Money 1 year fixed rate ISA it would pay 5.85% = £1,462.50 a year or £121.875 a month.

[rob1966]

I’m all for this , once you’ve stopped doing things you’ve always done like travel , footie , Going out etc then what’s the point of keeping it all till you die knowing full well your kids will get it anyway . If you’ve enough to get by and any emergency that arises I’m happy to help my kids and see them enjoy while I still can see it . Gave my lad a few bob towards his deposit a few years back then helped out with getting it all renovated , can’t beat seeing how thankful he was and how settled he is now at 27

Her Dad was brilliant to us while he was alive, fair with all the family. Bought them all cars, helped the missus afford the house (6 months before we met), new windows and doors instead of another car years later. He'd come around and go "you could do with a new garage door" or he looked wall dividing ours and her brothers and just say "needs a decent fence, I'll pay", he got so much joy from seeing them happy and the houses looking good.

[Red-Soldier]

First month in a while when I've won nowt.   

If I cashed them in and put the £25,000 in a Virgin Money 1 year fixed rate ISA it would pay 5.85% = £1,462.50 a year or £121.875 a month.

You can get 5% in a standard savings account.

If I had 25 k sitting around, I'd put it away for a year or so.

Some people in this thread hold 10s of thousands of pounds, of bonds.  Ask them how many times they've won a big prize.  Never, I bet.

[rob1966]

You can get 5% in a standard savings account.

If I had 25 k sitting around, I'd put it away for a year or so.

Some people in this thread hold 10s of thousands of pounds, of bonds.  Ask them how many times they've won a big prize.  Never, I bet.

£4k in 10 months for us. Instant access too, we've been drawing out to pay for flying lessons and the missus was using £500 a month after she got made redundant. Took £700 out today for a holiday deposit and a lesson.

[Rhi]

You can get 5% in a standard savings account.

If I had 25 k sitting around, I'd put it away for a year or so.

Some people in this thread hold 10s of thousands of pounds, of bonds.  Ask them how many times they've won a big prize.  Never, I bet.

The reason he’s suggesting an ISA is presumably because he’ll pay tax on anything above £1000 (lower rate tax payer limit) or £500 (higher rate tax payer) in interest if he puts it in a standard savings account. That’s one of the big reasons people use Premium Bonds - the winnings are free from tax. And obviously they’re safe so if you’ve got the money earmarked for a medium term purchase then you don’t want the money tied away or at risk in stocks/shares.

For most people, especially lower tax rate payers, a standard savings account is likely to bring in more money. But there are plenty cases where premium bonds make sense - especially for higher rate tax payers who might already be breaching their £500 tax free limit elsewhere.

[Elmo!]

Yeah a lot of people who previously wouldn't have had to worry about the savings allowance limit, will now be hitting it due to the rise in interest rates. I'm approaching that point now but I've just been building up cash savings in order to pay down a lump sum of my mortgage when my deal ends next year, so will just about not hit the limit before then.

If I was planning to keep those cash savings and keep saving more I would be looking at Premium Bonds now.

[Crosby Nick]

Yeah a lot of people who previously wouldn't have had to worry about the savings allowance limit, will now be hitting it due to the rise in interest rates. I'm approaching that point now but I've just been building up cash savings in order to pay down a lump sum of my mortgage when my deal ends next year, so will just about not hit the limit before then.

If I was planning to keep those cash savings and keep saving more I would be looking at Premium Bonds now.

Was going to ask about that. Never needed to worry about it in recent years, and think I’m still under the limit but as rates rise I’d better keep an eye on it. Is it down to an individual to declare if you earn more in interest than the minimum threshold? And is that in the form of a tax return? Stupid question, but what happens if you exceed the limit and don’t submit one? A demand/fine from HMRC?

[Rhi]

Was going to ask about that. Never needed to worry about it in recent years, and think I’m still under the limit but as rates rise I’d better keep an eye on it. Is it down to an individual to declare if you earn more in interest than the minimum threshold? And is that in the form of a tax return? Stupid question, but what happens if you exceed the limit and don’t submit one? A demand/fine from HMRC?

Technically you’re supposed to file a return but in practice HMRC have been doing this automatically.

I think HMRC get the info from your bank and your tax code for next year will be updated to collect the tax owed via PAYE.

Note that I am not an accountant / financial advisor or anything, this is just info I’ve gleaned from the internetz over the years so don’t take my word as gospel 😅. Maybe someone else can confirm!

[Elmo!]

Was going to ask about that. Never needed to worry about it in recent years, and think I’m still under the limit but as rates rise I’d better keep an eye on it. Is it down to an individual to declare if you earn more in interest than the minimum threshold? And is that in the form of a tax return? Stupid question, but what happens if you exceed the limit and don’t submit one? A demand/fine from HMRC?

These days your bank notifies HMRC automatically, and HMRC will adjust your tax code accordingly.

[Red-Soldier]

The reason he’s suggesting an ISA is presumably because he’ll pay tax on anything above £1000 (lower rate tax payer limit) or £500 (higher rate tax payer) in interest if he puts it in a standard savings account. That’s one of the big reasons people use Premium Bonds - the winnings are free from tax. And obviously they’re safe so if you’ve got the money earmarked for a medium term purchase then you don’t want the money tied away or at risk in stocks/shares.

For most people, especially lower tax rate payers, a standard savings account is likely to bring in more money. But there are plenty cases where premium bonds make sense - especially for higher rate tax payers who might already be breaching their £500 tax free limit elsewhere.

That's a fair point.

I'm a lower rate tax payer, so it doesn't affect me.  A fixed ISA would be the way to go, if that was the case, perhaps.  And yes, Premium bonds are pretty much the safest thing you can put your money in, plus you can withdraw it instantly too.

There is no one size fits all.  I like the guaranteed part of an ISA or savings account, so that is where I would choose.

[Crosby Nick]

Technically you’re supposed to file a return but in practice HMRC have been doing this automatically.

I think HMRC get the info from your bank and your tax code for next year will be updated to collect the tax owed via PAYE.

Note that I am not an accountant / financial advisor or anything, this is just info I’ve gleaned from the internetz over the years so don’t take my word as gospel 😅. Maybe someone else can confirm!

Dear HMRC,

Soz about not declaring the tax I owed. Rhi off RAWK said I didn’t need to. Please PM her for further details.

[rob1966]

Dear HMRC,

Soz about not declaring the tax I owed. Rhi off RAWK said I didn’t need to. Please PM her for further details.

Yours
 
Jacob Rees Mogg

[Rhi]

Dear HMRC,

Soz about not declaring the tax I owed. Rhi off RAWK said I didn’t need to. Please PM her for further details.

[Lenstar]

Split from the Mrs and decided to put a chunk of the cash settlement in premium bonds. £250 win for the first month

[BlackandWhitePaul]

First month in a while when I've won nowt.   

That was last month, and this is this month.

Well I'll be damned, 4 prizes.

1 x £25
2 x £50
1 x £100