Savings Account or Premium Bonds?

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!

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

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.

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

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!

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 ?

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! ??

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.

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

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.

We haven't got the max in Premium Bonds but do reasonably well. This month we have won £100 between us. I can't think of anywhere you would get interest like that on savings.

We have done quite well with bonds but you do seem to need the max amount in them before getting a return. I also think it's a bit more exciting checking the results each month than a boring savings account.

I keep a spreadsheet of my PB wins. Last five years..... 5 this year so far, 14, 20, 27 and 18. Two of these have been £500, the rest £25. Never forgave Gordon Brown for halving the £50. I have the maximum hold but love the gamble aspect. As for Cash Isa, I do a fix term but never longer than a year these days. Best I can see at the moment is 1.8%

Chestnut

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?

Check MoneySavingExpert.com where there's a calculator to see how much you have to have in Premium Bonds to get a return - even if you have the full £40k you get very little back. Even though 1.25% is very low you'll probably get a better return. Or speak to an IFA who can help you find the best way to invest

Spend it!! Money languishing in a bank account represents missed opportunities for adventure.

Thanks DeeJays mum. Just read your post and it's very helpful

1.80 % at Marcus Goldman sacs for 1 yr fixed . I have had max premium bonds for three years & my return was just over 1% each year winning one two or three £25’s most months . Cashed them in this year to do something else

I have £500 in premium bonds and have won about the same over the 30 years I’ve had them. Very recently followed Martin Lewis and transferred savings to Chase for 1.5% easy access, 1% on card spending and 5% round up. Also opened a First Direct current account with £150 joining reward for direct debits and income payments. I just keep my eye on both accounts and ‘team and ladle’ as necessary. Used bank switching service so went smoothly

@Treetops05

You can open accounts for your grandsons if you have access to their birth certificates. It's done in the same way as a parent doing it. My mother did it for one of my sons but not the other.

I've just checked MSE and Chase is offering an instant access account at 1.5% (max deposit £250,000).

I forgot to say that I've had pbs for several years and have never won a thing, so I'm now cashing them in and depositing the cash into the above-mentioned accounts.

I've got a couple of Regular Saver accounts with First Direct and NatWest, admittedly, the nature of the accounts means you can only deposit between £50 & £300 to each account each month but they are paying 3.5% and 3.25% respectively.
I appreciate you can't put your lump sum into these accounts but you could move it to an Instant Access account somewhere paying 1% or a bit more if you can find one and move £300 to each every month.

DH won £500 once on PBs. You would have thought he’d won Euromillions. .

Husband and I are quite happy with what we have won over the years
About six months ago found a extra£25 in bank account. Another mid month win!!!
Some days later got letter to say second draw as some of the winners had not been valid. Cashed in???? And I had won extra one. Hence the £25.

Premium Bonds - I have a lot less than £40k mentioned by Charliegirl5, but I put monthly savings in and reinvest wins. I get several £25s a year. In January had two winning bonds £25 each.
When inflation is high there is a risk that cash value will be lost, but with current interest rates so low, I’m happy with my regular wins.