Are you max out on a premium bond?

JGB1955

We are happy with our £100K investment and 1.1% return... although it seems to be ME that has the higher winnings!  Tomorrow will tell....

jimjames

Thumbs_Up said:

Hopefully interest rates will tick up again soon. Say you had a fair wedge of money in a NS&I income bond and you are max out on premium bonds £50k. Would you have a trigger point to transfer some of the £50k premium bond money to the income bond currently at 0.50% wishfully  going to 0.75% soon. Yes technically you get about 1% (tax free) with the premium bond but is your patience running thin to winning the big jack pot.

Why would you put money somewhere where you get 0.5% or 0.75% when you can get 1% instead with Virgin?

Daliah

EthicsGradient said:

From the calculator, ............

I am not sure I would trust that calculator as it says I won nothing after I told it I won £6,875.

masonic

Daliah said:

EthicsGradient said:

From the calculator, ............

I am not sure I would trust that calculator as it says I won nothing after I told it I won £6,875.

That's some extreme rounding!

grumiofoundation

adindas said:

No I do not. I do not even have any. I prefer to spread my cash into several regular saving accounts that I could easily withdrawal or plan so I could have an easy withdrawal when I need cash.

Although many regular savers do offer higher interest rates than the expected return from premium bonds (~0.9%) they are often not east access, unlike premium bonds so this would seem an odd choice if easy access is your aim?

adindas

grumiofoundation said:

adindas said:

No I do not. I do not even have any. I prefer to spread my cash into several regular saving accounts that I could easily withdrawal or plan so I could have an easy withdrawal when I need cash.

Although many regular savers do offer higher interest rates than the expected return from premium bonds (~0.9%) they are often not east access, unlike premium bonds so this would seem an odd choice if easy access is your aim?

All of LBG (BOS, Balifax, Lloyds) RSA are truly easy access.

Most of virgin RSA (if not all) are truly easy access.

Those which do not have easy access have 2-3 free withdrawal a year. You hardly need your money in one go, unless something like deposit  for mortgage.

But those without withdrawal allowed you could make it work like an easy access with a good plan. As long as you do not need to withdraw them in one go.

Other things: High interest current account

Examples

Nationwide 2% AER (1.98% gross a year) fixed for 12 months on balances up to £1,500.

Virgin M-Plus  2.02% AER1 (2.00% gross1 per annum variable) for Account balance up to £1,000.In addition to this you could also have linked to the M Plus Saver paying 1.00% on savings balances up to £25,000, and 0.50% on any balances above £25,000. 

Club Lloyds and BOS are paying equivalent of 0.78% for the balance of £5000. You could have a few of them.

The only problem is that you could only put a small amount so you will need to open multiple accounts.

jimjames

grumiofoundation said:

adindas said:

No I do not. I do not even have any. I prefer to spread my cash into several regular saving accounts that I could easily withdrawal or plan so I could have an easy withdrawal when I need cash.

Although many regular savers do offer higher interest rates than the expected return from premium bonds (~0.9%) they are often not east access, unlike premium bonds so this would seem an odd choice if easy access is your aim?

Virgin Money at 1% is instant access for £25k per account. 

EthicsGradient

Daliah said:

EthicsGradient said:

From the calculator, ............

I am not sure I would trust that calculator as it says I won nothing after I told it I won £6,875.

It looks like it doesn't calculate for any figure over £5,000. 0.552% win £5,000 or more. The figures for wins below that (on that side - there are recognised problems with rounding on the other side) make sense.

Thumbs_Up

As you all know even winning small amounts is a hit and miss affair. I’m quiet sanguine whether I’ll hit the jackpot or not, I certainly won’t be staying up late tonight 12:01 to see if I need to get the bubbly out of the fridge. (To be fair apparently you get notified in advance)

I sold my house so I had to park up my cash and Ns&I seems to be the safe bet, I was thinking to transfer over £40k from the PB to the income bond. In January the rate was 0.01% now its 0.50%, hopefully by the end of this month it will be 0.75%. When you have a large sum of money even the smallest % increments are noticeable, so my trigger has been pulled.

I did notice Ford UK was paying 0.75% but was gobbled up quickly like a shark frenzy. I will be keeping my powder dry for now.

Thumbs_Up

Zilch on max holdings. Oh well there is next month to come.