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£32K...bank or Premium bonds ?
ipri
Posts: 649 Forumite
Hi....need to put £32000 in different bank to spread risk...with interest so poor I thought about premium bonds....any thoughts thanks
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Comments
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Premium bonds are pretty rubbish products. There's almost no reason to use them at present. You can take a look at bank accounts, or for another tax free product from NS&I, you could look at Index-Linked Savings Certificates.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Are'nt these v poor rates at moment/ ian0
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The average rate of return is 1.8% for PBs.0
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With premiun bonds you are gambling with the interest you could otherwise earn if you saved the money in a savings account ... lets say you would get 2.5% gross or 2% i.e. £600 per annum
personally if you like a little gamble then fine otherwise not
I've not compared the odds with using the 600 to gamble with Lotto but that's an alternativeEU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
the maximum is £30000 and I wouldn't put 30k in myself, Maybe put 5k in for a bit of fun then invest the rest.
check out odds on your investments
http://www.moneysavingexpert.com/savings/premium-bonds-calculator/0
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