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MSE News: Premium Bond chances of winning cut – are they really worth it?

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"NS&I is cutting the annual 'interest rate' on its Premium Bond prize fund from 1 August..."
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Premium Bond chances of winning cut – are they really worth it?

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Premium Bond chances of winning cut – are they really worth it?

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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To make it worse, they are drastically cutting the number of larger prizes to keep up the numbers of smaller ones. http://uk.finance.yahoo.com/news/ns-cuts-premium-bond-prize-101532804.html
If it breaks, well it wasn't working right anyway.
F4
But fewer people holding them means (ultimately) the number and/or value of prizes goes down again. The status quo never changes, just like a casino.
Have to agree, they should have given at least a months notice so that those not happy with the new rate can withdraw. Savers really are being treated like something the Govt. have scraped off their boots. Shame on NSI.
However even at the lower rates I can see for some its still worth it. My parents both have maxed out isas and various other pensions/investments buildt up over the years they worked. They bought substantial premium bonds in the past as well as inheriting some from each of their parents. Since they retired they haven't bought any more, but have reinvested any small wins. My Dad was an engineer and loves his spreadsheets lol. He can show that on their amounts invested that the small wins they get are at least what they would get after tax in a savings account most years-occasionally slightly more, occasionally slightly less and there is the chance of a bigger win-they had a 1k last year which paid for a holiday. BUT I do think my Dad is quite a lucky person anyway.
So I guess I would say even before the drop in rates PB shouldn't be anyone's first port of call for investing, but still can be a part of a collection of investments.
I do agree though that the change in rates should have had more warning, at least in line with the delay that it takes to get a bond into the draw.
Ali x
Acknowledge the bell you cant unring"
I thought that was a given lol.
The lottery is a fool's game; you're more likely to drop dead while waiting for the results than you are of actually winning.