Premium Bonds - Not a bean for months now!!!!
Discussion
Pork said:
Ouch!
I'm about to get back into these but seeing the above poor results is making me think twice! I use to regularly get £75-100 a month on a much smaller holding then £84k!
Too many people now buying Premium Bonds as they have given up on Bank and Building Society accounts that only offer about 1.5%.I'm about to get back into these but seeing the above poor results is making me think twice! I use to regularly get £75-100 a month on a much smaller holding then £84k!
I put 50k into PB last month, so my first draw will be March, but for me it's just like doing the lottery, but without losing money.
Only £2k in there though. That's rising significantly for next month so fingers crossed!
The week after my car died, i have just had a ppi return from a complaint that is nearly fourteen thousand , looking to spend about 3 grand on a new to me car. treat me and her indoors to a good holiday and do a few bits on the house, new living room carpet and a new cooker.
i have never had premium bonds before but the idea of the sum invested being safe but if in a dire emergency can be called on appeals to me and i know no winnings can ever be guaranteed , taking that gamble still seems better than being locked into a bank account with bugger all return. I am looking at investing about five thousand. Are premium bonds a good way to go ?
i have never had premium bonds before but the idea of the sum invested being safe but if in a dire emergency can be called on appeals to me and i know no winnings can ever be guaranteed , taking that gamble still seems better than being locked into a bank account with bugger all return. I am looking at investing about five thousand. Are premium bonds a good way to go ?
Pork said:
Bought back into these today. Ridiculous that the first draw will be May!
Not much different to when you start getting paid interest in a bank account.You can reduce the wait if you deposit at the end of the month,
so for example if you deposit by 31st March, you will still be in the May draw.
lbc said:
Pork said:
Bought back into these today. Ridiculous that the first draw will be May!
Not much different to when you start getting paid interest in a bank account.You can reduce the wait if you deposit at the end of the month,
so for example if you deposit by 31st March, you will still be in the May draw.
You need one full month before you're 'in'.
evilmunkey said:
still seems better than being locked into a bank account with bugger all return.
HmmmRegrettably Premium Bonds are a poor investment.
The fact payouts are commonly called 'wins' and not 'interest payments' is psychologically devious. Comments like "my friend wins £25 every few months" mislead. On clinical evaluation, someone with £5,000 of bonds should 'win' £50 a year; that's £25 per six months (and most will win less than this). Yet the same cash in savings would 'win' a guaranteed £66 EVERY year (for basic-rate taxpayers).
Premium Bonds are no "safer" than an instant access bank account and everyone except the jackpot winners will be worse off. Someone with £5,000 of bonds should 'win' £50 a year; that's £25 per six months (and most will win less than this). Yet the same cash in savings would 'win' a guaranteed £66 EVERY year (for basic-rate taxpayers).
Most people will be better off if they avoid Premium Bonds and just buy a lottery ticket every now and then....
Gassing Station | Finance | Top of Page | What's New | My Stuff