Moving away from premium bonds.. but what to?

Orange_juice_2

I started saving in premium bonds as I add to my savings each month and I figured I wouldn't get much interest if I was saving in this format anyway.. well I now have about £8900 saved in them and I figure, surely I can earn more in a savings account now!

Has anyone got any suggestions?

I havn't got any ISAs at the moment, just a high interest fixed account with Yorkshire Bank until Dec 13 which I can't add to

I can't really have it fixed for any longer than a year either as looking to buy a house.

Any help would be greatly appreciated!!

xylophone

Maybe use the Coventry 60 day notice isa at 2.8% for £5640 before 5 April and put the balance in the best paying ISA you can find on 6 April- cash isa allowance up to £5760 for 13-14.
http://www.coventrybuildingsociety.co.uk/savings-and-investments/Cash-isas/cash-isa/cash-isa.aspx?WT.ac=Notice_ISA2

Orange_juice_2

Good idea! I'm going to get onto this now Thanks

gkerr4

this is an interesting thread! - i think that premium bonds look 'more' attractive now than ever as their pay-out rates don't change, but the interest on savings accounts is falling through the floor!

Out of interest - how have they performed?

I have £3k in them for a bit of variety - that £3k has earned £125 in the last year, ok, I'm not retiring, but in a savings account it would have made a fraction of that. There's always the possibility of a big payout, remote i admit, but the only certainty in a savings account is that it will earn practically nothing!

That said, most of my money (about 50%) is in regualr savings, 20% in ISA'a and the rest in stocks and shares (+ a small amount in "alternatives" including gold and the premiums mentioned above) so i guess i can't be too married to them myself!

best of luck

bigfreddiel

Orange_juice wrote: »

I started saving in premium bonds as I add to my savings each month.......... surely I can earn more in a savings account now!

I just won on my pb's £50k - and I was also just about to cash in as well!

cheers

fj

Thrugelmir

Pay interest of 1.5%

If you hold the max £30k. The chances of winning a £1k prize are once every 111 years.

fiesta04

bigfreddiel wrote: »

I just won on my pb's £50k - and I was also just about to cash in as well!

cheers

fj

Just trying to work out which of the 8 winners you could be.:D

F4

Orange_juice_2

gkerr4 wrote: »

this is an interesting thread! - i think that premium bonds look 'more' attractive now than ever as their pay-out rates don't change, but the interest on savings accounts is falling through the floor!

Out of interest - how have they performed?

I have £3k in them for a bit of variety - that £3k has earned £125 in the last year, ok, I'm not retiring, but in a savings account it would have made a fraction of that. There's always the possibility of a big payout, remote i admit, but the only certainty in a savings account is that it will earn practically nothing!

That said, most of my money (about 50%) is in regualr savings, 20% in ISA'a and the rest in stocks and shares (+ a small amount in "alternatives" including gold and the premiums mentioned above) so i guess i can't be too married to them myself!

best of luck

Well up until January 2012, I had about 18k in premium bonds.. I wasn't as savings savvy then, that money is now in a high interest account.. I digress. I ended up getting £1125 in just over a year which is good but I was really lucky to get that. This time, i've got £8,900 with them although in 8 months, I have only just today gotten £25 from it. I've figured out that I can happily get £22 a month from santander in their new 123 account which will increase every time I deposit more money (3% of everything up to 20k)..

I started the premium bonds again so I could save small amounts of money without getting miffed about not receiving interest however now i'm thinking, 9k should be paying out a little.

Orange_juice_2

bigfreddiel wrote: »

I just won on my pb's £50k - and I was also just about to cash in as well!

cheers

fj

I quite literally have dreams about this sort of thing happening to me!! Congrats