Premium Bond interest to DROPS from 1.8% to 1% in April & new £25 prize

Hungerdunger

jamesaberry wrote: »

Likewise. My winnings on £30k have averaged £79.17 per month since Dec 2007. It's a challenge between my dad and I to see who wins the most per month - so it's a bit of fun too.

That might sound good, but if you'd put the same amount into a fixed rate account at a bank or building society, you'd have "won" over £150 gross per month, and assuming you're a basic rate tax payer, this would give you over £120 net.

nrsql

Fella wrote: »

Perhaps I'm missing something, but on what possible grounds does a huge cut in payout make them MORE worthwhile?

It's not the cut that maks it more worthwhile it's the removal of the 1 million (which I assume I won't win) and the addition of more small prizes which I assume I will win.

I valued them on the chances of winning the 50 and 100 prizes and assumed (correctly) that I would never win anything else. That valuation increases if the large prizes are reduced in favour of smaller prizes. So even if the total payout is reduced if there is more money involved in the small prizes then I would consider it a better investment.

Jimmyc

Nick1969 wrote: »

This is the only thing I cant agree with you on Martin, I have £1300 in premium bonds and I win £100 per year.Personally I dont think thats bad at all?

Well see what you win now they have reduced the prize fund AGAIN, maybe that £100 a year will become £25 a year, as the prize fund in the last year has prob gone down over 70%

Dave101t

just won a 50 pound prize, dated 9th march which is nice as i checked online around 5th and so thought i hadnt won! averaging 5% interest a year on these so im not bothering with a savings account.
interesting note: out of last 4 wins, sep 2008 to march 2009, 3 of them have been bond numbers within 600 digits of eachother.

lb364

Has anyone ever considered putting the money into premium bonds they would normally put on the lottery?
I mean isn't there a higher chance of winning and you get your money back at the end of it

cheggers

Nick1969 wrote: »

This is the only thing I cant agree with you on Martin, I have £1300 in premium bonds and I win £100 per year.Personally I dont think thats bad at all?

I have close on £2K in Premium Bonds, yet won nothing on them in the 3 years I have had them:mad:

baby_boomer

NSI blamed for the even more severe mortgage shortgage in Februaru

"....the Council of Mortgage Lenders......warned that the ability of banks and building societies to lend was being hit by consumers opting to hold their money with the Government-backed National Savings and Investments...."

Francesanne

cheggers wrote: »

I have close on £2K in Premium Bonds, yet won nothing on them in the 3 years I have had them:mad:

Have a friend who purchased 200 and won £100.00 within the first year.

shrewsaver

Despite this drop in interest rates, I see they have changed the distribution of the prize funds:

6% - High Value Prizes (Increase of 2%)
5% - Medium Value Prizes (Increase of 4%)
89% - Low Value Prizes (Decrease of 6%)

This is most probably due to them taking away one of the £1 million prizes and distributing it throughout the other prizes.

See here:
Click me

Sandblast

I've read this recent announcement concerning the changes in premium bonds, but there is one thing that at least to me is not so clear - & that is how soon after you've purchased your bond is it entered into the prize draw. The announcement says something like " your bond will be entered 2 months after the month you've purchased your bond."

Does that mean for instance that if i buy a bond next week on say the 25th of march it gets entered into the may 1st draw - may being 2 months after march - or the june draw - june being a full 2 months after i've made the purchase..?