Premium Bonds Article Discussion Area

intheblacknow

I am in the middle of a divorce. I put the maximum ( £50k) into premium bonds as my new flat purchase was taking forever. The first month I didn’t win anything but last month I won £25 and £500. I realise the odds against this are very high but it has massively helped my long term savings plans and I loved the excitement of logging on to see what so had won! 

Oasis1

Congatulations intheblacknow - great news! I'm hoping to have above average luck with my £40k too, but a likelihood of £25/month wlll do, beating current savings account interest rates by a good amount.

Murphybear

I must have above average luck.  In 2019 my PSB winnings averaged 3% and last year 2%.  I managed to save quite a lot of money during the lockdown and put it all in PSBs.
My current holding is £10k.
I look at the Prize Checker app at the beginning of each month.  It’s fun to see if I’ve won anything (sad really  ).

I have found that the time it takes to get the money back when cashing any in is 2-3 days, a lot quicker than it used to be.

in case anyone is unaware you used to wait 3 clear months before your newly bought bonds went into the draw so things have changed for the better in that respect.

Oasis1

First prize was £25. Statistics doing their thing! I've upped my bonds to £45k in hope of getting those higher prizes...

eskbanker

Oasis1 said:

First prize was £25. Statistics doing their thing! I've upped my bonds to £45k in hope of getting those higher prizes...

As long as it's hope rather than expectation, given that nearly 98% of the prizes are £25 ones....

dekdee

My take on premium bonds are if you put your money here rather than the lottery the money you save by not playing the national lottery can be considered as interest saved as you are still having your chance of hitting millionaire Row.
If you just play lotto then this can be £4 a week or if you play the all other games it can mount up to £50 a month as interest saved by having saved in bonds.

Einst

Well, I've only gone and done it.. !!

Only taken 56 years, but I have finally won on a premium bond.

Bought for me every year by my Grandmother over the first years of my life, and this is the first time one has come up.

There won't be any party, or pissups, as £25 isn't going to stretch far these days

Saga

What is the time period between buying PBs and them being entered into the draw? Do you have to wait at least a month?

Norman_Castle

Saga said:

What is the time period between buying PBs and them being entered into the draw? Do you have to wait at least a month?

Yes, buy now and May will be your first draw.

ranciduk

Is the next draw on a Saturday??