Premium Bonds - best time to invest?

No_Name

As title - when's the best time to invest considering it needs to be a full calendar month before it's eligible for the prize draw?

I'm an existing NS&I holder with online access. How quick do they process your application for further bonds?

If I wanted to be considered for the May draw (April being the full month), am I ok to apply on Friday 31st March?

Stubod

..you need to have them in for 1 full calendar month before they become "active.....ie best time to buy them is a few days before the end of the month. (ie if you buy them at the start of a month you will have to wait almost 2 months before they become "active"..

No_Name

Thanks, so probably 28th to play it safe?

Just wondered what timeline experiences others have had.

Stubod

..best to allow a few days / 1 week. assuming the funds are in a "normal" savings account you will not loose that much money for the sake of a few days. (even if its the whole £50k and it is currently earning 5% (luxury), it would only amount to a loss of about 30 quid if cashed in a week early.....).

NB if you are "on line" for NSI services they can take 1 week to "transfer" funds...)

33Lurcher

I invested online on the 28th Feb , and although funds had not cleared till the 1st March my premium bonds are in the April draw , so last day of month is ok .

ColdIron

Stubod wrote: »

NB if you are "on line" for NSI services they can take 1 week to "transfer" funds...)

Transfers out via BACS takes up to 3 working days. Transfers in with a debit card is same day

No_Name

33Lurcher - did you pay by debit card?

Kim_13

33Lurcher wrote: »

I invested online on the 28th Feb , and although funds had not cleared till the 1st March my premium bonds are in the April draw , so last day of month is ok .

Although the date of the bond purchase is the date you order them in effect, some may prefer to allow a few extra days. For instance, if one had some funds in account A and some in account B and want all the bonds to be in one block, you'd have to transfer from A to B or vice versa before proceeding with the purchase. There is a chance the transfer could trigger a bank's anti fraud checks, which would delay the purchase.

The website being temporarily down is unlikely but possible. I personally like to use the internet and not the phone, so I also account for possible WiFi issues.

teddysmum

I bought some, over the phone using a debit card, on February 28th and was told they would be in the April draw.

33Lurcher

I paid by debit card .

polymaff

Been regularly buying PBs on the last day of the month by Debit Card.

No Probs.

BTW, although it takes time for the payment to debit the bank account, it is taken off the "funds available" instantly.