Premium Bonds help

[theplayingmantis]

in my situation are they worth it?

Explanation:

I used to have a the full quota but withdrew them a couple of years ago to invest in property.

I now have a decent sum of cash sitting in my current a/c doing nothing. i may need access to it if better opportunities arise but not at particularly short notice so a notice account is an option. I have savings with Investec but they have nothing to offer me and there doesn't seem to be any fixed term bonds or notice accounts that are attractive.

I haven't invested in an ISA this year, would it make more sense to stick what i can in a cash ISA and the rest in PB's?

I'm risk averse so don't really fancy things like peer to peer lending.

Cheers

[bitchstewie]

Between Growth Bonds and Direct Saver, NS&I appear to have a reasonable range at the moment if you simply want a reasonable return (for savings) with zero risk.

[k99]

You’ve got a very small chance of winning but you get your stake back within 2-3 days if you need the money back.
Only proviso is you have to have the money in for a calendar month before you can be entered in the draw at the beginning of each month.

[chels]

I have had Premium Bonds for many years and I have always held the max amount.
I have always had bewteen1.8%-2.2% per year in prize funds at the start of most months but I have never won any large amounts of money.
Be aware they have cut the prize funds and you are lending the government money at a very low rate.
I would only buy Premium Bonds if I had some spare cash and may need it back at short notice.
Jim

Edited by chels on Wednesday 11th April 14:28

[BoRED S2upid]

I would say the return from PB’s is going to be better than a cash ISA at the moment and someone wins a million every month which is hard to fathom I’m happy with the odd £25.

[theplayingmantis]

BoRED S2upid said:

I would say the return from PB’s is going to be better than a cash ISA at the moment and someone wins a million every month which is hard to fathom I’m happy with the odd £25.

hmm this is my quandary, i cant see any better savings accounts/cash isas with a better rate that i can have access to in a reasonable (maybe a month) amount of time. hence thinking of PB's.not sure if to put all in them and not bother with cash isa allowance this year or max out isa and rest in PBs. much of a muchness i guess.

[BoRED S2upid]

theplayingmantis said:

BoRED S2upid said:

I would say the return from PB’s is going to be better than a cash ISA at the moment and someone wins a million every month which is hard to fathom I’m happy with the odd £25.

hmm this is my quandary, i cant see any better savings accounts/cash isas with a better rate that i can have access to in a reasonable (maybe a month) amount of time. hence thinking of PB's.not sure if to put all in them and not bother with cash isa allowance this year or max out isa and rest in PBs. much of a muchness i guess.

The way I see it - is 1 or 2 % a year going to make a blind bit of difference to my wealth I’d prefer the gamble of PB’s I get more out of the monthly unknown than a cash ISA telling me this month I’ve earnt next to nothing.

[theplayingmantis]

BoRED S2upid said:

theplayingmantis said:

BoRED S2upid said:

I would say the return from PB’s is going to be better than a cash ISA at the moment and someone wins a million every month which is hard to fathom I’m happy with the odd £25.

hmm this is my quandary, i cant see any better savings accounts/cash isas with a better rate that i can have access to in a reasonable (maybe a month) amount of time. hence thinking of PB's.not sure if to put all in them and not bother with cash isa allowance this year or max out isa and rest in PBs. much of a muchness i guess.

The way I see it - is 1 or 2 % a year going to make a blind bit of difference to my wealth I’d prefer the gamble of PB’s I get more out of the monthly unknown than a cash ISA telling me this month I’ve earnt next to nothing.

thats a god way to think. mind made up!

[Johnnytheboy]

How much more fun are prizes than interest?

[227bhp]

Try reading the PB thread.

[theplayingmantis]

227bhp said:

Try reading the PB thread.

why

[227bhp]

theplayingmantis said:

227bhp said:

Try reading the PB thread.

why

Because all the answers you need are already in there.

[theplayingmantis]

227bhp said:

theplayingmantis said:

227bhp said:

Try reading the PB thread.

why

Because all the answers you need are already in there.

its a bit long and seemingly full of people whinging about lack of payouts though. i know about them i had max quota for years, and the randomness of the letter in the post with the cheque thing in it. i remember it switching to 25 quid minumum payout from 50 too.

i was most interested in potential alternatives in a quick concise thread!