Savings Account or Premium Bonds?

Don’t worry everyone, the big win will come!!
£50 for me today.

£25 on mine this month. Nothing on DH's. Still waiting for the big win!

Just £25 for me too. Last month husband had £25 x 6 but nothing for him this month

Just £25 this month.

I did not win anything this month but I have won something for the last 8 months so I am not surprised.

It is obviously having a rest before I win a substantial amount of money next month. It would be rather welcome as I am having my kitchen re-wired tomorrow. After the plastering and re-tiling eventually my lovely new kitchen doors will be fitted.

That will be mid September so by then I will be considering retiring to bed for the winter to save on heating.

Doodledog

tanith

How did everyone do this month mine was £25x2 it’s been a good year.

Nothing. Again. I checked, and the last time I won was £25 in 2018. Someone else has got my share of the good luck, I think.

ERNIE has been reading Gransnet. I won two lots of £25 this month

crazyH I agree, that is a poor return. I received £350 over the past 6 months, winning something each month.

Have you considered taking out an old block of maybe £10K and buying again? I think you may notice the difference.

I intend to do that because my winnings are ploughed back in so I have so many lots of £25s that it may be time-consuming.

Good luck.

I save in the Credit Union
typical interest rates 1-3% can go down to 0 %

Nicksmr - that’s very good going. I have £40000 and I average about £200 per year. Not good ?

We have £18,000 in P Bs invested 3 years ago , we have had 1 x £25 nearly every month and sometimes 2x £25 which is good going considering the interest rates on ISAs ..

I have won £350 over the last six months so I am well pleased with that. This month it was £25x2.

Jennyluck

This is a really interesting thread. I’ve never thought about premium bonds. I wonder if it’s worth putting in £1000 as a tester. Wonder how much you need to get any rewards ???

I put £1000 in 4 years ago and won £25 the first year and another £25 last year, so not doing as well as £1000 in my savings account with Nationwide!

I would put it in a stocks and shares ISA

I have premium bonds, I started to buy them to pay for my funeral, but I have now paid up front for a Pure Cremation. I do not have a large amount of Bonds and won £50 this week and have won several £25 over tha past year. Also have the benefit to cash them in should I need them.

This is a really interesting thread. I’ve never thought about premium bonds. I wonder if it’s worth putting in £1000 as a tester. Wonder how much you need to get any rewards ???

I cashed my PBS in this month after failing to win the last 2 months (have max). Now interest rates are increasing going to put into a savings account. Made 1% on PBs last year, but been very poor this year

My sister has a lot of money in premium bonds and reckons she’s getting about 2.5% from the returns she’s getting.

PBs can be cashed in quickly and easily if you need cash in a hurry

Nationwide has a savings account paying 2.5% for a year.

Depends on whether you want instant access to the funds, the thrill of hope etc.. This is an interesting comparison of rates/terms and shows which you can transfer ISA funds into. www.moneysavingexpert.com/savings/best-cash-isa/

I have max pbs have won £250 so far this year.

I have just spent the last half hour transferring my modest savings to the Coventry.
They were languishing in a savings account at 0.5%. As a “loyal customer” the Coventry was offering me 3%. Though it will mean a net loss with inflation at 10% it is hugely better than the HSBC’s 0.5%.
Everyone should be reviewing their bank accounts at the moment. You may be being ripped off.

Premium Bonds - I won £25 last month and £25 this month. I’ve less that £20k but pay in every month and have wins reinvested.

A distant relative, who worked for NS&I said there were great differences between the number of prizes awarded to bonds issued in different areas.
My husband sold his and rebought in a different area. Although we held similar sums, he has , most months , done better than I who left mine with the original place of issue.
Has anyone analysed the so-called discrepancies here? Do they even out over time or are the number of wins purely related to the relative population of the areas of issue?

ShropshireMiss

The current chance of each one pound unit winning is last time I looked 34,000 to 1. So if you had £34000 of premium bonds statistically you would be likely to win one prize each month. The vast majority of the prizes are the £25 prize. so statistically with average luck you could expect to win £300 a year in prizes.

The recent NS&I rate increase reduced the odds to 1 in 24,000 and our returns off maximum holdings, last month, returned us £175 which is almost twice what we were averaging over the previous 12 months. I'm hoping they continue to raise the rates on Premium Bonds and would also welcome an increase in the number you can hold