Premium bond limits

miabrown

Hi all - easy query about Premium bonds (I hope!)
I'm now close to the 50K limit and have my prizes set to auto invest. What would happen if I got a prize that took me over 50K? Also, do I need to turn auto invest off now?
Thanks Mia

MynameisMichaelCane

Hi Mia
I don't know the answer to your query but I am interested to know (if you feel happy to divulge) what sort of return you get on your almost 50K? Have you been winning lots of prizes, for example? 

Swipe

Set up a nominated account for your premium bonds or open a direct saver and then choose your payout preference in the prize options. If you do nothing and hit the limit they will send a cheque in the post.

400ixl

MynameisMichaelCane said:

Hi Mia
I don't know the answer to your query but I am interested to know (if you feel happy to divulge) what sort of return you get on your almost 50K? Have you been winning lots of prizes, for example? 

There is a whole thread which is on that topic https://forums.moneysavingexpert.com/discussion/81778/premium-bond-winner

Sarahspangles

MynameisMichaelCane said:

Hi Mia
I don't know the answer to your query but I am interested to know (if you feel happy to divulge) what sort of return you get on your almost 50K? Have you been winning lots of prizes, for example? 

I posted yesterday in the main thread - my OH has 1.9% return on £50k holding this year. As he pays tax on a lot of his savings that’s like a one year bond paying 2.375% - he could have had a bond paying twice that.

Stubod

Over the last few years since having "maxed out", we normally get around the publishedd "average" rate....some years a little under, some years a little over...

tigerspill

It will get paid into your nominated account.  Have you set this up?  If not, it might be wise.

Linton

miabrown said:

Hi all - easy query about Premium bonds (I hope!)
I'm now close to the 50K limit and have my prizes set to auto invest. What would happen if I got a prize that took me over 50K? Also, do I need to turn auto invest off now?
Thanks Mia

AIUI the excess PBs dont get entered into the draw.

Albermarle

Linton said:

miabrown said:

Hi all - easy query about Premium bonds (I hope!)
I'm now close to the 50K limit and have my prizes set to auto invest. What would happen if I got a prize that took me over 50K? Also, do I need to turn auto invest off now?
Thanks Mia

AIUI the excess PBs dont get entered into the draw.

No, they are very strict about the £50K limit.
Once you hit it, any prizes are paid by bank transfer to your nominated account.
So there are never any excess PB's.