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Premium bonds

Have 50k wife 49k
Winnings this year £600
£50 only Jul 
Withdrawal after dec draw
Not good value for money most ever prize £100
What woukd that money return in savings be nice too no

Comments

  • El_Torro
    El_Torro Posts: 2,155 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    There are various websites which keep track of the highest available interest rates on savings accounts, for example this one: https://www.money.co.uk/savings-accounts

    If you wish to tie up some of your money for a fixed term rather than in an easy access account the interest rates will be higher.
  • vacheron
    vacheron Posts: 2,557 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 6 July 2023 at 8:27AM
    Thecar said:
    Have 50k wife 49k
    Winnings this year £600
    £50 only Jul 
    Withdrawal after dec draw
    Not good value for money most ever prize £100
    What woukd that money return in savings be nice too no
    With almost £100K in total between you both you would receive £1000 in interest each year for every percent the savings account offered. 

    One year ago the best savings accounts were offering about 3%, so you would have earned £3000 in the last year.

    These days 5% accounts are common, so you would earn £5000. Your £600 is the same as a savings rate of 0.6%
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
  • Albermarle
    Albermarle Posts: 30,378 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Thecar said:
    Have 50k wife 49k
    Winnings this year £600
    £50 only Jul 
    Withdrawal after dec draw
    Not good value for money most ever prize £100
    What woukd that money return in savings be nice too no
    There are many other threads on the same theme.
    First one has nearly 900 pages so you might want to skip the first 800 !
    Premium Bond Winner ? — MoneySavingExpert Forum
    Premium bonds - any point investing under £1000's — MoneySavingExpert Forum
    Bad run on Premium Bonds — MoneySavingExpert Forum
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