Earnie !

ravenk

ejones999 wrote: »

For god's sake don't forget to make the minimum MONTHLY repayment on time!

Only if I win that month. Don't tell me thats not a condition in the T's and C's.
:rotfl:

wolvesinwales

I regularly have 13k from MBNA , i normally pay £10k off my flexi mortgage whereby the savings will hopefully cover the fee. I then buy premium bonds, i bought £3.5k in November and i have had 2 x £50 wins so far.
As others pointed out set up a DD to pay the minimum amount each month because if you miss a payment even by 1 day the interest free period ends immediately and the first you will know about it is when you receive your next statement and will have already been charged over £100 in interest.

ravenk

I have a DD with MBNA already.

It's a Aliance and Leicester card on the front ..but MBNA are behind the scenes.

Paul_Herring

ravenk wrote: »

ejones999 wrote:

For god's sake don't forget to make the minimum MONTHLY repayment on time!

Only if I win that month. Don't tell me thats not a condition in the T's and C's.
:rotfl:

Not sure how to take that - given the smiley.

Yes - it is a condition of borrowing from the CC that you must make the minimum monthly payment on it - you aren't borrowing the whole of the transfer amount for the whole of the promotional period.

If you don't repay the (on a guess of 2.5% minimum payment per month on £13K) £325 (though given it's MBNA, it might only be £5) in the first month you'll find yourself kicked out of the 0% promotion and back on the normal rate of interest on the balance.

Alfie_E

Paul_Herring wrote: »

Alfie_E wrote: »

I don’t think you mean the word “guaranteed”.

I think I do.

Alfie_E wrote: »

The return on a person’s premium bonds isn’t fixed. I think the word “likely” would be better.

I didn't use the word in relation to the premium bonds.

What else does “You'd be guaranteed to get more than the PB's if you put the money into ICICI or IceSave” mean? No-one who buys premium bonds ever gets more in prize money than the interest they would have received from an ICICI or Icesave account?

Paul_Herring

Alfie_E wrote: »

What else does “You'd be guaranteed to get more than the PB's if you put the money into ICICI or IceSave” mean? No-one who buys premium bonds ever gets more in prize money than the interest they would have received from an ICICI or Icesave account?

Erm - yes[1].

Premium bonds should be part of a portfolio if you want to participate in them, not the sole vehicle, if you intend to at least guarantee to inflation proof the capital.

It's like saying "I may get more on the lottery than if I saved it," or for those that want a more accurate analogy "I may get lucky if I saved the money in ICICI and spent the interest on lottery tickets."


[1] Granted, a very small minority of people get lucky, and this should read "most of the time" but for most practical purposes, "yes" will do. If you want to gamble, do it, but as for a general reccommendation to others, the law of averages (and the T&C's for PB's) dictates that most of the people who try this will not get more than a savings account. And that is guaranteed.

Disclaimer: Yes I do own premium bonds. £100 worth. No I don't play the lottery.

ravenk

Got a win on the bonds for December.
Two bonds in the £5000 chunk of numbers came up.
£50 each win . So thats £100 so far.
The numbers of the winning bonds were within 187 of each other.

Now need another £25 to break even.