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Premium Bonds

(33 Posts)
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Mishap Wed 07-Jan-15 14:48:29

Does anyone else have these? I have just put some of the money my Dad left into them on the grounds that my money is safe, interest rates are pathetic and there is the buzz of the (admittedly minute) possibility of getting a big win each month.

I have just received a message from the organisation who has the rest of our savings telling us the interest rate has gone down - I am tempted to shift some more into Premium Bonds!

We try to keep things simple - I hate having to mess about with tax forms - so we do not have ISAs and our money is where we can get it out easily if we want to. The whole faff of getting new ISAs every year for two people is just not our scene. I would be sure to lose the paperwork!

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harrigran Thu 08-Jan-15 18:28:54

I have almost the maximum holding of premium bonds and I appear to be moderately lucky, I win more in a year than I make in interest on any bank account.
I don't do the lottery because the odds are poor but at least you can get your initial stake back from premium bonds.

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janeainsworth Thu 08-Jan-15 18:40:34

Well yes Harrigran, but depending on the rate of inflation, the real value of your holding is going down each year.

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janeainsworth Thu 08-Jan-15 18:48:52

www.moneysavingexpert.com/savings/premium-bonds
According to Martin Lewis, the interest rate is set at 1.35% so if you get more than that you've just been lucky smile

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NfkDumpling Thu 08-Jan-15 19:03:13

1.35% isn't a bad rate if you don't have much to invest. All the 3 and 4% accounts need a minimum of £500 a month being paid in.

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JoyBloggs Thu 08-Jan-15 19:28:27

Mishap Re the Pensioner Bonds... Initially I thought there must be a catch, so I read the blurb twice but, as you say, it seems they offer a decent (in the current market) return even taking into account possible early withdrawal penalties.

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Mishap Wed 04-Feb-15 13:48:57

Well - I bought them and made £50 on my first month!!

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hildajenniJ Wed 04-Feb-15 14:07:04

My DD won £50 when she was five years old. Neither my DH , son or I have ever won anything. I have very little chance as I only own £2.00 worth, bought for me when premium bonds were first introduced.

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