Savings Account or Premium Bonds?

tanith

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

I got £25 and DH got 3x£25. Good year for us too.

£25 each this month.

£100 this month. I like that there is no tax and no declaration needed.

£25 for me.

£100 for me ?

DH & I won £175 this month on a £95k holding of PBs. £50 last month.

Congratulations to all the winners!

I have decided that ERNIE is saving all my luck for the big prize, which will be mine very soon .

Well..... I had one cheque for £100 and four for £25. So used to only £25 ones that I didn't notice the former. Happily, the bank did.

I won £25 this month (I have the max)

No, Doodledog - it was just a suggestion that he feels I have too much cash at hand (as if).
Unfortunately, since DH died, my income often doesn’t cover my outgoings, so I’m dipping into it. Plus, while you can win with S&S, your capital’s at risk, so I think I’ll just buy a few PBs.

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

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?

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.

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.

I have max pbs have won £250 so far this 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/

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

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

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

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

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 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.

I would put it in a stocks and shares ISA

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