Premium Bonds Article Discussion Area

Black_Cat2

PeterOzanne said:

Hi Martin or anyone! My question is about inheriting the money from PB's. In the article is says the will executor has to cash them, but what if I didn't write a will naming an executor? Would my son be entitled to cash them, just as he would automatically inherit my money and possessions? 

I don't think Martin sits reading the boards but I love your optimism!  Someone else will be along shortly... 😹

LizB62

Why wouldn't you write a will, making everything absolutely clear ?!
IMHO everyone should have a clear and up to date will - it makes things much easier for your relatives.

strawb_shortcake

I have the maximum PB's, for us it's an interim measure until our current mortgage deal ends as we may choose to pay it off. We do have money in other accounts 
What I don't see covered much is our situation, I am a basic rate taxpayer but also in receipt of child tax credits (I know it makes no sense) but it's in our interests to keep our yearly interest to below £300 to keep our tax credit payments at their highest. 
It doesn't sit really well with me, but I'm going to maximize my income

soulsaver

PB's 1% is still relatively good .. particularly if you pay tax on savings interest. 

cloudchaser

Just getting to understand PB better and could not spot any info around draw eligibility for purchased bonds. So, if I buy some PBs today which is the earliest draw they would be eligible? December 2020?

RG2015

cloudchaser said:

Just getting to understand PB better and could not spot any info around draw eligibility for purchased bonds. So, if I buy some PBs today which is the earliest draw they would be eligible? December 2020?

Yes.

 Click Here for more details

Sea_Shell

Just out of curiosity...(humour me)

If a person has only won £25 in 5 years of holding Premium Bonds, statistically what sort of holding would they be expected to hold.    £400?

I'm thinking a 1 in 24500 chance of winning a prize / 5 years / 12 months....£408.

strawb_shortcake

For about 12 years we had only £300 we received 2 x £25 in that time. No idea what the odds were at the time 

eskbanker

Sea_Shell said:

Just out of curiosity...(humour me)

If a person has only won £25 in 5 years of holding Premium Bonds, statistically what sort of holding would they be expected to hold.    £400?

I'm thinking a 1 in 24500 chance of winning a prize / 5 years / 12 months....£408.

It's obviously a game of chance so someone winning £25 over five years could hold one bond or 50,000, but if you're trying to find a figure at which a win is more likely than not over five years (if the prize fund rate didn't change, which it's known to be doing soon), the MSE calculator would suggest that this is between £280 and £290, although even at this level there's a non-trivial 16.6% chance of winning more than £25, so if you're trying to reverse engineer a holding for which exactly £25 is the most likely outcome then that'll be more complicated, but does look to be in £420 territory according to the options presented by that calculator....

Sea_Shell

eskbanker said:

Sea_Shell said:

Just out of curiosity...(humour me)

If a person has only won £25 in 5 years of holding Premium Bonds, statistically what sort of holding would they be expected to hold.    £400?

I'm thinking a 1 in 24500 chance of winning a prize / 5 years / 12 months....£408.

It's obviously a game of chance so someone winning £25 over five years could hold one bond or 50,000, but if you're trying to find a figure at which a win is more likely than not over five years (if the prize fund rate didn't change, which it's known to be doing soon), the MSE calculator would suggest that this is between £280 and £290, although even at this level there's a non-trivial 16.6% chance of winning more than £25, so if you're trying to reverse engineer a holding for which exactly £25 is the most likely outcome then that'll be more complicated, but does look to be in £420 territory according to the options presented by that calculator....

You'd have to be seriously unlucky not to have won at least £25 in 5 years, on a £50,000 holding.   😉