Savings Account or Premium Bonds?

I won £100 this month and that was one bond. I checked and over the last 7 months I have won £350 so I am well pleased. Any winnings are reinvested.

Apparently the prizes increased this month.
I won 5x £25 this month. DH won £25. We reinvest.

We won £75 this month and would've got £65 in interest on the same initial amount in our savings account. Last month we won £50. It's more or less the same.

I won 4 prizes of £25 and one of £500 this month, a total of £600! Her Maj isn’t the only one celebrating today! ??

I have the maximum amount of Premium Bonds, rarely have a month without a win, last month 4 x £25, this month 5 x£25 Always a chance of a big win and easy access should you need the money urgently. I also have £50k in a fixed 1 year thing and regret doing that now. I would go for the PB's much more fun ?

Niobe that is seriously good and lucky. Another couple of wins like that and you will be telling Rishi where to stick his £400. Well done!

Just checked, I am very happy much better return than highest savings account so far this year ??

Charleygirl5

Niobe that is seriously good and lucky. Another couple of wins like that and you will be telling Rishi where to stick his £400. Well done!

Thank you Charleygirl, it did lift my spirits yesterday.

My DH won 6 x£25 this month and me 1 x£25. This is our maximum monthly win I think

I don’t have maximum in PBs but love the thrill each month of a possible win. Small trickle of winnings through the year is immediately reinvested so don’t have to wait a year for interest to be added as in ISA, and is money quickly available if needed.

My son when still at Uni was left £1000, invested it in premiums and won £5000 within 6 months!

I won £100 this month on the premium bonds ? 4 x £25 prizes. Plus the interest on my easy access cash ISA has been increased to 1.25%. So feel like I am winning at the moment.?

I won 3 x £25 this month, husband won nothing and son with only £1250 won £25. My savings account interest has just increased to 1.3%.

I’m sticking with cash ISAs for now, although interest rates are better in some normal savings accounts. Partly because the £1000 tax free savings allowance could easily be removed in the future, and partly because it leaves the option open if transferring the cash ISA into a stocks & shares ISA.

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

I had a visit from my financial advisor last week. His advice was to allow me to invest some of my cash ISA into stocks and share ISA, because if I need a big item in a few years time my cash will have lost some of its buying power, through inflation. I wasn’t happy to tie my money up, so he said to buy some premium bonds and hopefully any prizes will offset the depreciation.

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.

Georgesgran, did your FA suggest a particular ISA? I have a S&S one with Nutmeg, and it has lost £2k in the last year. It doesn't have a huge amount in it either (I am quite risk averse), so I'd be very wary of putting life savings into one.

I have the max holding of PBs. They provide a steady income which averages out at about £50 per month. I like them because it is simple, and also because of the tiny frisson of a possibility that I might become a millionaire!

Just checked for July - £75 - and I won the same last month!! A steady trickle and tax free.

That was my thinking too, but it hasn't worked out like that . I have the old max and didn't feel like upping it when they increased it a couple of years ago (I think it's now £50k?).

I have 50k in there so that clearly ups my chances - and don't forget I am a Luckygirl!

If your cash is 'languishing' then I recommend Virgin cash isa fixed for 1 year @ 2.06% On the other hand (and depending on amount involved, of course) Premium bonds are fun

I think I have £32k, but that should still give me a reasonable chance of an odd win? It seems I am not lucky, though .

Kim19

If your cash is 'languishing' then I recommend Virgin cash isa fixed for 1 year @ 2.06% On the other hand (and depending on amount involved, of course) Premium bonds are fun

Thanks, Kim. I'll look at that. I don't think I am cut out for even low risk investment, so cash is better for me. I'm told it is better not to sell S&S when they are low, though.

tanith

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

2 x £25 here too.
I am also getting 1.5% on instant access savings with Chas Bank. So making about the same on both.