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Legal, pensions and money

Savings Account or Premium Bonds?

(161 Posts)
Chestnut Sat 07-May-22 15:43:39

I have some money languishing in an ISA which only pays 0.05% interest, so I want to transfer it somewhere else. I can't decide whether to put it in a savings account offering 1.25% interest or dump it into Premium Bonds. Anyone here savvy with money?

Charleygirl5 Thu 02-Jun-22 18:45:35

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.

joannapiano Thu 02-Jun-22 18:59:17

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

Pittcity Thu 02-Jun-22 19:20:57

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.

Niobe Thu 02-Jun-22 22:19:22

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! ??

PrettyNancy Fri 03-Jun-22 07:41:03

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 ?

Charleygirl5 Fri 03-Jun-22 09:48:45

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!

GrannyGravy13 Fri 03-Jun-22 10:46:15

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

Niobe Fri 03-Jun-22 13:52:07

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.

mumofmadboys Fri 03-Jun-22 14:14:51

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

Farzanah Fri 03-Jun-22 14:23:53

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!

ShropshireMiss Sun 12-Jun-22 11:36:14

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.?

Juliet27 Sun 12-Jun-22 11:44:28

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%.

ShropshireMiss Sun 12-Jun-22 11:48:09

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.

tanith Mon 04-Jul-22 11:15:32

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

Georgesgran Mon 04-Jul-22 11:21:29

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.

Doodledog Mon 04-Jul-22 11:54:30

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.

Doodledog Mon 04-Jul-22 11:57:19

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.

Luckygirl3 Mon 04-Jul-22 11:58:04

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!

Luckygirl3 Mon 04-Jul-22 12:01:15

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

Doodledog Mon 04-Jul-22 12:01:16

That was my thinking too, but it hasn't worked out like that grin. 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?).

Luckygirl3 Mon 04-Jul-22 12:03:47

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

Kim19 Mon 04-Jul-22 12:09:45

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

Doodledog Mon 04-Jul-22 12:10:14

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 grin.

Doodledog Mon 04-Jul-22 12:11:56

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.

Pittcity Mon 04-Jul-22 12:21:02

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.