Pemium Bonds rate cut from December 24

TheGoodOldDays66

It seems like I have been past from one department to the next. They have indeed taken forever to answer, if they answered at all, as I was often sending reminders. Then I end up forgetting about their outstanding response. Everything is so time consuming and it then starts to fry my brain. A method in their madness!

Why didn't they say from the beginning, that there was nothing to claim on these silly £1 Bonds, which I have offered so much information regarding who they belong to.

It's an absolute CON...

I will fill out the form with an attached sheet of information, which they already have on file, and should I need to - I will definitely complain. 

I agree, life is far too short to be worrying over £3 worth of PB - however, if there is a prize, then the relative should be rightfully due this and not left in the Government’s coffers.

Many Thanks

Nebulous2

Being cut again from 4.15% to 4% from January, according to the mirror. 

Premium Bonds major update issued after 'careful review' of prizes available - Mirror Online

SnowMan

NS&I information on the cut

https://nsandi-corporate.com/news-research/news/new-rates-premium-bonds-direct-saver-and-income-bonds

Sg28

Nebulous2 said:

Being cut again from 4.15% to 4% from January, according to the mirror. 

Premium Bonds major update issued after 'careful review' of prizes available - Mirror Online

Damn, going to need to ditch them soon!

aintreemaid

There is no straight answer to the question, "Are they worth it?".  Premium Bonds are simply a "safe" form of gambling: definitely worth it if you're lucky enough to have a big win and definitely not if you don't.  The only difference between this and a bet on a horse race, football match, etc. is that you get your stake back, albeit less the rate of inflation.

onomatopoeia99

TheGoodOldDays66 said:

It seems like I have been past from one department to the next. They have indeed taken forever to answer, if they answered at all, as I was often sending reminders. Then I end up forgetting about their outstanding response. Everything is so time consuming and it then starts to fry my brain. A method in their madness!

Why didn't they say from the beginning, that there was nothing to claim on these silly £1 Bonds, which I have offered so much information regarding who they belong to.

It's an absolute CON...

I will fill out the form with an attached sheet of information, which they already have on file, and should I need to - I will definitely complain. 

I agree, life is far too short to be worrying over £3 worth of PB - however, if there is a prize, then the relative should be rightfully due this and not left in the Government’s coffers.

Many Thanks

Whoa! In 2022 I found £24 in paper old bonds that my parents brought me as a child.  I wrote to NSI giving my current address, previous addresses at the time of the bond purchases, the bond numbers and my NSI holder number.

I wasn't expecting anything but within a few weeks I received a reply and the bonds appeared in my online account.

Kim_13

onomatopoeia99 said:

TheGoodOldDays66 said:

It seems like I have been past from one department to the next. They have indeed taken forever to answer, if they answered at all, as I was often sending reminders. Then I end up forgetting about their outstanding response. Everything is so time consuming and it then starts to fry my brain. A method in their madness!

Why didn't they say from the beginning, that there was nothing to claim on these silly £1 Bonds, which I have offered so much information regarding who they belong to.

It's an absolute CON...

I will fill out the form with an attached sheet of information, which they already have on file, and should I need to - I will definitely complain. 

I agree, life is far too short to be worrying over £3 worth of PB - however, if there is a prize, then the relative should be rightfully due this and not left in the Government’s coffers.

Many Thanks

Whoa! In 2022 I found £24 in paper old bonds that my parents brought me as a child.  I wrote to NSI giving my current address, previous addresses at the time of the bond purchases, the bond numbers and my NSI holder number.

I wasn't expecting anything but within a few weeks I received a reply and the bonds appeared in my online account.

Your experience suggests it might be easier if the holder of the bonds has an account in their own name that the bonds can be added to - might be worth them buying £25 (the current minimum) and doing this. They can cash in the £28 once resolved if they want to. 

I suspect the problem is that the bonds were still held by the parent and not transferred to their owner at age 16 as they should have been. Therefore NS&I are trying to follow that process to the letter, well known here not for being the smoothest, but the person who was keeping the bonds on the owner’s behalf is deceased, which complicates things.

The owner of the bonds needs to take action, not yourself - adding an extra person in isn’t making it as simple as possible which is a must with a not easy to deal with organisation. Apologies if I have misunderstood TheGoodOldDays66 and you are the legal owner of the 3 bonds.

Albermarle

aintreemaid said:

There is no straight answer to the question, "Are they worth it?".  Premium Bonds are simply a "safe" form of gambling: definitely worth it if you're lucky enough to have a big win and definitely not if you don't.  The only difference between this and a bet on a horse race, football match, etc. is that you get your stake back, albeit less the rate of inflation.

I do not think it is really gambling, not in the normal sense of the word anyway.
Your average horse racing punter over a long period is going to lose say 10 to 15% per year. 
Your average PB owner is going to gain 4% per year approx . That is assuming you have a a reasonable number of bonds.


The only gamble is that you can get 5% in a  normal savings account/ISA. So you are 'gambling' that 1% against the very small chance of winning a big PB prize.

Also PB prizes are tax free, so a big advantage for a higher rate taxpayer who has used up ISA allowance etc .