premium bonds

tryingtomove_2

i would like to buy a large amount of premium bonds,when do the numbers to to the first draw(is there a cut off date to apply)
is it best to buy say 30000.00 straight off or divided it down into chunks (thinking ahead if and when i need to encash small amounts of this capital invested)
how long does the process take from applying to receiving the bonds

exel1966

tryingtomove wrote:

i would like to buy a large amount of premium bonds,when do the numbers to to the first draw(is there a cut off date to apply)
is it best to buy say 30000.00 straight off or divided it down into chunks (thinking ahead if and when i need to encash small amounts of this capital invested)
how long does the process take from applying to receiving the bonds

Premium bonds need to be held for a full calendar month prior to be entered into the draw, therefore try to purchase near to the end of the month as it will shorten the holding time. I purchase a small amount monthly by S/O on the 24th of the each month and they are usually issued by the 28/29th. That way I only have to wait approx 33 days before they are eligible. Purchasing by phone will be slightly quicker.
There are many theories as to whether one large block or smaller blocks increase the chances of winning. From what I have read most people seem to favour the larger blocks.
From initial application to receiving bonds can take as long as 6 weeks so don't expect anything too quickly. Apply online or phone, paperwork will be sent to you to sign, send it back and wait. It will all depend on how many applications are being processed at the time.

Stonk

It will be marginally better to buy them gradually, but only for the indirect reason that you'll probably be getting 0.1% interest if you have £30K sitting in your current account.

NAR

Sorry Stonk I disagree. I would buy the £30k in one go. That way you have 30,000 chances of winning the £1m as soon as they are eligible.

As regards selling in chunks, that can be done without problem. You just state on the form how many you wish to encash and they do the rest.