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MSE News: Premium Bond prizes to be boosted following base rate rise

MSE_Luke
MSE_Luke Posts: 295 MSE Staff
Fourth Anniversary
in Savings & investments
Millions of Premium Bond holders will have a better chance of winning from next month...
Read the full story:
'Premium Bond prizes to be boosted following base rate rise'
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Comments

  • polymaff
    polymaff Posts: 3,954 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Good news. 1.575% equivalent for a basic rate taxpayer
  • alanq
    alanq Posts: 4,216 Forumite
    1,000 Posts Combo Breaker
    polymaff wrote: »
    Good news. 1.575% equivalent for a basic rate taxpayer

    Typo?

    New rate is 1.4% tax free. 1.4%/0.8 =1.75% if taxed at 20%.
  • polymaff
    polymaff Posts: 3,954 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    polymaff wrote: »
    Good news. 1.575% equivalent for a basic rate taxpayer
    alanq wrote: »
    Typo?

    New rate is 1.4% tax free. 1.4%/0.8 =1.75% if taxed at 20%.

    No typo. Whatever the size of the monthly prize fund, it is split, by NS&I, into three bands - high, medium and low. As an saver - this is mSe, not mGe - I regard the top two bands as "you die before you win" and factor the prize fund rate appropriately. (by 0.9)
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Not that many basic rate taxpayers will pay tax on their savings interest.
  • Cactus_Jack
    Cactus_Jack Posts: 592 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    edited 10 November 2017 at 1:33AM
    I've decided to transfer my Santander 123 savings to Premium Bonds on the back of this announcement, and close the 123 account. Anyone else considering this? Seems worth the risk for me for a chance of getting more.
  • Ectophile
    Ectophile Posts: 8,022 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It might have been better to boost the number of £50 payouts. These, days, all I ever get is £25. And the list of prizes shows why.

    It's a bit disappointing to open the envelope and find it's just £25 again.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
This discussion has been closed.
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