Premium Bonds Article Discussion Area

mrsyardbroom

It's fun having Premium Bonds. I don't get much interest from my ISA and savings account, and none at all from my current account. I checked my winnings for the last year. I hold £3100 worth of bonds and I've won £175 within the last 12 months. In January I won £100, and it went towards my MOT. I've just bought some more bonds.

eskbanker

mrsyardbroom said:

It's fun having Premium Bonds. I don't get much interest from my ISA and savings account, and none at all from my current account.

It's not either/or - you can hold Premium Bonds while also making best use of your other money, so worth checking best buys for the other account types and upgrading/transferring to better ones....

shanew4874

What does today’s budget mean for PB holders? More, less or no change amount of prizes wise? Thanks 

eskbanker

shanew4874 said:

What does today’s budget mean for PB holders? More, less or no change amount of prizes wise? Thanks 

No change as a direct result of the budget - NS&I sets rates according to its performance against its Treasury-set annual net financing target, although inevitably there is some impact from the wider interest rate environment too, in terms of how NS&I products compete with what's going on elsewhere in the market.

The 2023/24 target is £7.5bn +/- £3bn, and today's forecast is slightly above the top of that at £10.9bn.

The 2024/25 target is £9bn +/- £4bn, so not significantly different....

shanew4874

Ok, thank you for confirming. No significant change is good news then.

eskbanker

shanew4874 said:

Ok, thank you for confirming. No significant change is good news then.

Personally I don't see it as either good news or bad news, and not really news at all to be honest, but out of interest, what appeals to you about it?

shanew4874

It’s just that I saw a few articles yesterday around the theme of “premium bond holders await budget announcement” so thought there could be something significantly detrimental for holders but fortunately from what you state that’s not the case.

shanew4874

Is it correct that you receive a letter for any win that is £10,000 - £100,000? Does the win still show up in your balance in your online account? So if you have a holding of say £13,000 and you win £10,000 then your account will show £23,000 on draw day but you will receive a letter confirming the win a few days later in the post asking how you want to proceed with the £10,000 win as in reinvest in more bonds or have it paid into your bank?

thanks

Swipe

shanew4874 said:

Is it correct that you receive a letter for any win that is £10,000 - £100,000? Does the win still show up in your balance in your online account? So if you have a holding of say £13,000 and you win £10,000 then your account will show £23,000 on draw day but you will receive a letter confirming the win a few days later in the post asking how you want to proceed with the £10,000 win as in reinvest in more bonds or have it paid into your bank?

thanks

I think you manually have to claim any prizes over £1000 now I saw the other day. I'm sure that only used to be case for anything over £5000.

shanew4874

I was just wondering if the bigger wins show up in your account the day that we all check our NS&I accounts or is it the case that you only are made aware of the bigger wins when you receive a letter through the post a few days or a week or so later after that months draw has been made?