21 Years old with £30,000.00 in Premium Bond is time to invest somewhere else?

stuckindoor11

I am 21 with £30k in premium bonds which i worked hard to save. The last 4 months I have won Nothing. I held for over 1 year and half and only won £250 in £25 prizes never £50's. I saw some of the other saving accounts and I could see that I could get £80 in Interest each Month. I not sure what I should do?. I could leave them in Premium Bonds for a few more months to see if my luck has changed?. Thanks for reading.

iAMaLONDONER

stuckindoor11 wrote: »

I am 21 with £30k in premium bonds which i worked hard to save. The last 4 months I have won Nothing. I held for over 1 year and half and only won £250 in £25 prizes never £50's. I saw some of the other saving accounts and I could see that I could get £80 in Interest each Month. I not sure what I should do?. I could leave them in Premium Bonds for a few more months to see if my luck has changed?. Thanks for reading.

You can get 3% interest in a Santander 123 account up to balance of 20k

Plus 5% (for a year) at nationwide on up to £2.5k

opinions4u

Before you can get a few relevant suggestions, what are you actually saving for?

Rainy day / contingency fund, car, house deposit, world cruise, children's education, retirement?

Without having a rough idea of your plans it's impossible to say.

PBs are tax free and give easy access to capital. The return (on average) less than inflation so the value of your money is declining in real terms.

List your plans and priorities. Then build your savings, investments and retirement plans. This could include over £23,000 remaining in tax free wrappers with easy access via cash ISA and stocks and shares ISA (using allowances now and in April). Pension wrappers may also be appropriate.

stuckindoor11

Thanks for the replies. I am saving for a pension. I want to keep the money long term and ready have an isa filled. Thanks.

bigadaj

stuckindoor11 wrote: »

Thanks for the replies. I am saving for a pension. I want to keep the money long term and ready have an isa filled. Thanks.

Do you pay into a pension currently, if not your employer will have to provide one in the next year or two and they can offer really good value if teh employer contributes, which they will have to in future, or offer salry sacrifice.

Devon_Sailor

Why not invest in a SIPP? You can either add regularly or just put in your £30k pot and leave it to grow passively.

I transferred in my small (only about £12.5k) old works pension into a SIPP earlier in the year, and it is already up by about £1500 (12% ish after fees)...so all in all probably a better option especially as you have 40+ years to leave it pottering along!

Regards

D_S

lalman

Can i just say well done for saving that much money at such a young age Stuckindoors11 - it is a very impressive amount! :-)

dunstonh

I am saving for a pension.

So, why you are using Premium Bonds? If you get the average, you will be losing money in real terms. They are not good at all for the long term. Nor are cash savings.

I want to keep the money long term and ready have an isa filled.

So, on top of the premium bonds, you have cash ISAs and stocks & shares ISAs? How about pensions?

Archi_Bald

What is it about all those 21 year olds on here with tens of £Ks (or £Gs) in cash?

xylophone

Are you employed? Do you plan to buy a house?

slinga

Archi_Bald wrote: »

What is it about all those 21 year olds on here with tens of £Ks (or £Gs) in cash?

ex barrow boys working in the city.:rotfl: