Family Building Society - Windfall Bond - is it fair?

gizz_mo

I am happy to report that I am a £1,000 winner for this month - August. That's a 10% return on my £10k tax free as well as the Annual interest of 0.5% was paid on 1st August. I only invested in the bond 4 months ago after umming and ahhing about it for ages. I am tempted to increase my odds now by investing in a few more bonds, given that interest rates across the board are being reduced, opportunity cost is minimal and it has the full FSCS protection. Its more than I have ever won on Premium Bonds in which I have the full £50k invested.

darren72

Are wins with this tax free in the same way as Premium Bonds or are they taxable income ?

Also, the interest rate on this is reducing to 0.25% from 1st September.

gizz_mo

Yes, the prizes are tax free, but the interest of course is subject to your individual tax rates.
I am aware the interest is going down to 0.25% on 1 Sep, but I still think its worth it for me, as the opportunity cost elsewhere is far outweighed if you win even the smallest prize of £1k.
For my personal circumstances I will happily take the punt and forfeit the 0.75% additional interest or thereabouts i could get from an equiv easy access acct with 30 days notice.
If the prize amounts or odds reduce then I might have to reconsider.

Malthusian

Apparently winnings are classed as lottery winnings and therefore tax free. I say apparently because the Society's own literature is very quiet on the subject - I am going by a couple of newspaper articles. And the investor's stake is not at risk (unlike the National Lottery).

Ums001

I've had 3 bonds from the last 1.5years and havn't won anything.
I asked Family Building Society to provide me with a list of all winners for 2017 and they refused.
Not feeling happy about how things are going
:mad:

Reaper

Ums001 wrote: »

I've had 3 bonds from the last 1.5years and havn't won anything.

Why would you expect to? There are only 12 prizes each month and 10,000 tickets.

I asked Family Building Society to provide me with a list of all winners for 2017 and they refused.
Not feeling happy about how things are going
:mad:

On this point you are on firmer ground. Their T&C say:
21. A list of winners will be available 4 weeks after each monthly draw takes place, by sending a stamped addressed envelope to Family Building Society, Windfall Bond Monthly Free Draw Prize List, Ebbisham House, 30 Church Street, Epsom, Surrey, KT17 4NL.


Follow the rules and they have to tell you. But don't be surprised when you find out prizes are hardly ever paid out. See the rest of this thread to understand why.

Malthusian

Ums001 wrote: »

I've had 3 bonds from the last 1.5years and havn't won anything.
I asked Family Building Society to provide me with a list of all winners for 2017 and they refused.
Not feeling happy about how things are going
:mad:

If not winning makes you angry then you shouldn't be playing lotteries and should put your money in an account which will pay you interest instead.

Gamblers and bookies keep telling me that gambling is supposed to be fun.

Yvette394

Has anyone won anything recently? I have two bonds and didn't realise they entered unsold tickets. Did wondered why some months there are very few names on the winners list. Whilst one guy has won as least two years or three times in the last year. Will keep keeping my fingers crossed!

tony2toes

Folks,

Please avoid the windfall bond if you can, and do not be lured and tempted by the provider's (Family Building Society) very deceptive and misleading claims and conniving advertising tactics on the high chances of winning e.g. 64/1 odds for winning £1000 - this is complete BS, here's why:

1. With 'average' luck I have won NOTHING , I repeat , NOTHING AT ALL for nearly 2 years with my Windfall Bond.

2, With the same 'average' luck and similar timeframes , I have won above average monthly prizes with NS&I Premium Bonds, more than the projected figures from MSE's Premium Bond calculator ! (5 x £25 alone for October 2018 , max holdings)


Hope this would be useful to someone.


/Tony

Zanderman

tony2toes wrote: »

Folks,

Please avoid the windfall bond if you can, and do not be lured and tempted by the provider's (Family Building Society) very deceptive and misleading claims and conniving advertising tactics on the high chances of winning e.g. 64/1 odds for winning £1000 - this is complete BS, here's why:

1. With 'average' luck I have won NOTHING , I repeat , NOTHING AT ALL for nearly 2 years with my Windfall Bond.

2, With the same 'average' luck and similar timeframes , I have won above average monthly prizes with NS&I Premium Bonds, more than the projected figures from MSE's Premium Bond calculator ! (5 x £25 alone for October 2018 , max holdings)


Hope this would be useful to someone.


/Tony

So you've been lucky with one random draw and unlucky with another - and you think someone is deceiving you? I'm not sure you understand luck and chance!

You might as well be saying that you have, in effect, diddled other players on NS&I because you've had more than average luck and therefore, by definition, someone else will have had less than average luck.