Are Premium Bonds still good place for emergency fund?

muffinek

I put my emergency fund into Premium Bonds almost two years ago. It was just an easy and safe option. Unfortunately I have no time to move money around to chase best rates and at that time there wasn't much difference between PB and other instant access saving accounts. 

I have won last time £25 in Aug and according to MSE calculator I have avg luck so I am spot on where I should be. 

I am just wondering if PB are still good option to keep my emergency fund. I am concerned that with low return and high inflation my emergency fund is reducing quickly. Although I understand there is no saving account that would allow me to beat inflation. 

Albermarle

In strictly financial terms you can get better interest rates elsewhere, compared to the average return from PB's.
However they remain popular as to many people they are more interesting than a savings account. They are also tax free, which can be an advantage, especially to a higher rate taxpayer.
It is your decision in the end.

diystarter7

OP
I think you are wanting to know how quickly you can access them
As long as you have all details in place and remember your passwords/etc, it is pretty quick during the weekdays/business times
and their phone lines are open late
however, to be 100% certain, give PN a call they are very helpful
Good luck

Swipe

If you also open a direct saver and link a nominated account you can immediately cash them to there and then get them next working day

diystarter7

Swipe said:

If you also open a direct saver and link a nominated account you can immediately cash them to there and then get them next working day

Hi
If you don't mind me asking. We have max amounts in pb's not our emercegy access money but good to know. My understanding is that our nominated accounts are current accounts from where we transferred our money to PB - years ago when we cashed almost the lot to buy a BTL, the money was quickly went to our nominated current accounts and this is a safe process as even if something got to know our passwords/etc for PB the PB/NSI would only forward money to our nominate accounts/current accounts in our case.

What you said, is it any differnt
Thanks

Swipe

diystarter7 said:

What you said, is it any differnt
Thanks

It's the same, you just open a direct saver with £2, add a nominated account to the direct saver and then test it with a £1 withdrawal.

diystarter7

Swipe said:

diystarter7 said:

What you said, is it any differnt
Thanks

It's the same, you just open a direct saver with £2, add a nominated account to the direct saver and then test it with a £1 withdrawal.

Excellent, thanks.