Quick bit of advice with premium bonds
Discussion
Have found myself with a chunk of cash that's free for the next 30-60 days, and the whole birthday offer thingy that NSI are doing around premium bonds has got me interested...
Having never bought premium bonds before, are they more like traditional bonds where it could take time to shift them (or the buy/sell rate is different, at the very least), or can I, in practice, just cash in without any financial penalties at any point (even if it has just been a month or two)?
I'm just loathe to sticking the money in a bank account for a few months if there are better short-term options (with minimal risk), until it gets shifted to longer-term plans.
Cheers all!
Having never bought premium bonds before, are they more like traditional bonds where it could take time to shift them (or the buy/sell rate is different, at the very least), or can I, in practice, just cash in without any financial penalties at any point (even if it has just been a month or two)?
I'm just loathe to sticking the money in a bank account for a few months if there are better short-term options (with minimal risk), until it gets shifted to longer-term plans.
Cheers all!
There is no spread or transaction costs on premium bonds. Buy 100 bonds it'll cost you £100, sell 100 bonds, you get £100.
However, you must hold each bond for a full calendar month before it is eligible for the prize draw, so if you only have 60 days or so "spare" then you'll probably only take part in one draw, and Murphy's law says you won't win anything that month.
Not sure if you said how much you have available, but the max holding is £30k.
However, you must hold each bond for a full calendar month before it is eligible for the prize draw, so if you only have 60 days or so "spare" then you'll probably only take part in one draw, and Murphy's law says you won't win anything that month.
Not sure if you said how much you have available, but the max holding is £30k.
tertius said:
There is no spread or transaction costs on premium bonds. Buy 100 bonds it'll cost you £100, sell 100 bonds, you get £100.
However, you must hold each bond for a full calendar month before it is eligible for the prize draw, so if you only have 60 days or so "spare" then you'll probably only take part in one draw, and Murphy's law says you won't win anything that month.
Not sure if you said how much you have available, but the max holding is £30k.
However, you must hold each bond for a full calendar month before it is eligible for the prize draw, so if you only have 60 days or so "spare" then you'll probably only take part in one draw, and Murphy's law says you won't win anything that month.
Not sure if you said how much you have available, but the max holding is £30k.
That's great, cheers, and a £30k limit's just about fine. Hmmm, will have to see if I can get in in time for this special draw, then...
J_S_G said:
tertius said:
There is no spread or transaction costs on premium bonds. Buy 100 bonds it'll cost you £100, sell 100 bonds, you get £100.
However, you must hold each bond for a full calendar month before it is eligible for the prize draw, so if you only have 60 days or so "spare" then you'll probably only take part in one draw, and Murphy's law says you won't win anything that month.
Not sure if you said how much you have available, but the max holding is £30k.
However, you must hold each bond for a full calendar month before it is eligible for the prize draw, so if you only have 60 days or so "spare" then you'll probably only take part in one draw, and Murphy's law says you won't win anything that month.
Not sure if you said how much you have available, but the max holding is £30k.
That's great, cheers, and a £30k limit's just about fine. Hmmm, will have to see if I can get in in time for this special draw, then...
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