Premium Bonds: Are they worth it? Discussion Area

Gorgeous_George

If I could PBs on credit card I'd be quids in due to the cashback!

I don't think that you can lottery tickets on credit cards either. Perhaps you could get a pre-loaded 'credit' card and, perhaps, this would work for buying PBs.



GG

Sir_Alan

Chongqing_Steve wrote:

Because of financial stupidity by my ex-wife, I cannot get a UK bank account.

These things don't last forever. Many banks offer a basic account for people in your position. You would have to apply next time you are in the UK. That might provide you with the card you need. Can't you open a local bank account and get a card that way?

The on line application system for premium bonds ... demands a debit card.

You could apply by post, but this would require a cheque. This link http://www.nsandi.com/products/pb/otherwaystoapply.jsp goes to the relevant page where you can download the application form. Whether they will allow a cheque drawn on another obliging ex-pat's account is quite another matter.

You could phone or email them and ask: 0845 964 5000 (+44 1253 840005).

Chongqing_Steve

Gorgeous_George wrote:

I don't think that you can lottery tickets on credit cards either. Perhaps you could get a pre-loaded 'credit' card and, perhaps, this would work for buying PBs.

Reply:
This is not an option. First, I would need to do it in UK, in pounds. I do not live in UK. Second, The pre pay credit cards are incredibly expensive. Third, if my own credit card will not work, why should a pre pay?

Chongqing_Steve

Sir_Alan wrote:

These things don't last forever. Many banks offer a basic account for people in your position. You would have to apply next time you are in the UK. That might provide you with the card you need. Can't you open a local bank account and get a card that way?

You could apply by post, but this would require a cheque. This link http://www.nsandi.com/products/pb/otherwaystoapply.jsp goes to the relevant page where you can download the application form. Whether they will allow a cheque drawn on another obliging ex-pat's account is quite another matter.

You could phone or email them and ask: 0845 964 5000 (+44 1253 840005).

Reply:
The bad credit record is attached to the property at which I lived in England. Because I was still married to my ex-wife at the time, it also applies to me, rightly or wrongly.
I attempted to open a bank account at all of the major banks in UK last year. I had 134,000 pounds I wanted to put into an account, but none wanted it as I did not have a UK address. Same problem with offshore accounts surprisingly. Even Hong Kong wants me to be resident there.
I have several local accounts, but as I live in China, it is why the debit card I do have is useless when buying outside China, it will only work in Reminbi Yuan inside China. My credit card is international and operates in US dollars, so I can use it anywhere - except to buy PB's.
One of my bank accounts here I do operate in UK pounds, but unlike in UK, you do not get a cheque book with an account, most people here have no idea of what a cheque is. On the rare occasions I do have a cheque to put into one of my accounts, it can take up to three months to clear.
One way or another I will be able to do it, even it if means just stuffing cash down my pants again the next time I go to UK - assuming they will still accept cash then ....
It all gets very confusing as the Chinese banking system is about 30 years behind the times (many branches still check that the computers are right by using an abacus). The debit card I can use anywhere in China, and it is reasonable for it not work elsewhere. The local currency is Reminbi Yuan, but I work for a British company and I am paid in US dollars. I have accounts for pounds, US dollars Hong Kong dollars, Euros and RMB. I think I'll quit while I still have my mind.

nrsql

>> many branches still check that the computers are right by using an abacus
Not a bad idea. Would be better if the odd manual check was run occasionally in England.

I notice that a million pound PB winner is in my county. I assume that it's me but probably won't hear for a few days.
Disappointing - I was hoping to get all 5 of them.

meanmachine_2

If you've won the million, you'd already know about it.

Agent Millions would have dropped you a line.

nrsql

I'm not at home and vodafone have lost service for a lot of users today.
That most be the reason.
(killjoy)

meanmachine_2

Agent Millions would have called you yesterday, I believe, ahead of the info being printed that evening in the newspapers.

Still, if you get a letter from NS&I in the next few days, you'll at least have won £100K, which is something.

Sir_Alan

Chongqing_Steve wrote:

The bad credit record is attached to the property at which I lived in England. Because I was still married to my ex-wife at the time, it also applies to me, rightly or wrongly.

Have you checked that the information recorded by the credit reference agencies is correct? Even if it is essentially correct, an explanatory note might help (at the very least, explaining that your wife ran up the debt, and she's now your ex).

If you have not already done this, do it now, well before your next UK visit; it might make all the difference.

A UK address should not be necessary for opening an account, but this may have been added as an extra requirement because of your history.

I agree about the pre-pay credit cards: they are an absolute rip-off, charging a large fee to deposit money, then charging a further hefty fee to withdraw or spend it. Best left to the fraudsters (who are not using their own money, so the fees don't matter to them).

Middlestitch

Whatever the returns, there is something very enjoyable about the 'gamble but get your capital back' approach!