Premium Bond Rate Freeze Discussion

Former_MSE_Dan

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Premium Bond Rate Freeze

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moonshine

in the article Martin says "“Even with a frozen interest rate, Premium Bonds at 1.8% after tax aren't a particularly good deal. There are currently UK savings accounts which pay up to 6% still available"

Err, where?

Loco

moonshine wrote: »

in the article Martin says "“Even with a frozen interest rate, Premium Bonds at 1.8% after tax aren't a particularly good deal. There are currently UK savings accounts which pay up to 6% still available"

Err, where?

would love to know that too!

MSE_Martin

The 6% account is in the Regular Savings guide, and you can still get a lump sum account if you'll fix at well over 4%, or a variable rate well over 3% see Top Savings

moonshine

ah, you are referring to regular savings accounts. Ok. Thanks.

Granville23

Hi,
I have invested in premium bonds over the past 2yrs (12k) when the interest rate was 3.8% and I have broken even as regards to what i would have got if I put it in a savings account and receiving average of 5% less tax.

I have been lucky and have won 15 times out of 25 months. I cant remember how many prizes there where in there individual values back then, but there was a colosal amount to scroll through excluding the prizes below 1,000.
However in the last draw there was only 13 x £500, 7 x 10k, 2 x 25k, 1 x 50k, 1 x 100k and the 2 x 1 million. which I think is unfair for people with a small holding.

They have basically reduced the prize money bottom up instead of top down. in this current financial climate they should reduce the major prize to 1 or 2 250k and restore the number of medium to small prizes back to the level prior to the december draw. This way everyone has a chance to win a prize, 250k is nothing to be sneezed at.

I have complained to NSandI about this and they said that they were going reveiw the prizes. They have just anounced that they are going to introduce a £25 prize may be in April (nothing ever happens straight away) which is as good as Browns 2.5% vat cut...

So if you somewhat agree with me COMPLAIN to NS and I then everyone will have a better chance. If they dont I will consider removing my money.

Granville

Granville23

Just found Premium Bond Prizes for Nov,Dec, Jan

nov dec jan
1,000,000 2 2 2
100k 5 1 1
50k 10 1 1
25k 19 2 2
10k 49 5 7
5k 97 13 13
1000 1,781 232 232
500 5,343 696 696
100 47,942 28,868 29,070
50 1,506,792 1,042,868 1,050,169

Granville