Premium Bonds ns&i

Alan1985

What are peoples views on premium bonds was thinking in taking money out my accounts as not making much in interest and putting it into bonds with ns&i

What are peoples thoughts would like to hear back from people and hear back from people who are already in this and have got rewards back.

Also what amount you should be looking to put in to get returns

Lokolo

Average rate of return of PBs are 1.8%. You decide if you want to go for it or not.

Alan1985

Where do you think is best place to have your money the now

rb10

Lokolo wrote: »

Average rate of return of PBs are 1.8%

... but because of the way the prizes work, you are very unlikely to get as much as this.

There's an article about them at http://www.moneysavingexpert.com/savings/premium-bonds

Lokolo

Yeh but stats are stats lol I'm just repeating them.

rb10

Lokolo wrote: »

Yeh but stats are stats lol I'm just repeating them.

Lies, damned lies and statistics comes to mind.

Whilst you quoted a theoretically accurate statistic, it bears little resemblance to the chance of actually winning a prize.

Alan1985

rb10 are you in premium bonds or you got money saved else where in high interst accounts where do you think is best place to put money in current market to get returns as money in savings accounts just now making not so much cash

rb10

Personally I would not touch Premium Bonds, the rate is far too low.

Take a look at www.moneysupermarket.com/savings for the best rates. I personally like accounts that have a fixed rate (especially seeing as what's happening to interest rates at the moment) but still allow the flexibility to withdraw if you need the money or can find a better rate elsewhere, such as Halifax's Guaranteed Saver Reward. But that's just my preference. Look at the websites (also www.moneysavingexpert.com/savings, but it's not as comprehensive) and see what fits what you want.

In terms of instant access, I think Yorkshire Building Society (Internet Saver) and Bank of Scotland (Instant Access Savings Account) are about the best from mainstream banks.

nilrem_2

The 1.8% rate for premium bonds only applies really if you win, for most people the real return is Zero or a figure close to it! :eek:

dunstonh

Would you take all the interest you earn on a savings account and buy lottery tickets with it?

SpinnerB

I see the premium bond part of my portfolio as a laugh, I buy some each month, and who knows it might pay big, but the odd £50 here or there is ok ... after maxing out my isa's and seeing my S&S isa go red I'm OK with this