Premium Bonds Suck

PremiumBondsSuck

After 35 years with a maximum Premium Bond holding ... and having had no wins of any note ... I've finally come to the conclusion that enough's enough ... 

This month, I won only £50 with my £50,000 holding, which by my "reckoning" is a 1-ish % return ... 

And one week after the draw, i STILL haven't received my money ...

On a national scale, NS&I must make MILLIONS from these delayed payouts ...

And last month, I won NOTHING at all ...

Now, Warren Buffett I'm not, but I'm pretty sure that a £0 win on a £50,000 holding is a ... 

0% return.

But this is the truly galling thing ... 

When I went on the NS&I website last week to discover that I'd won nothing, they had the audacity to say, "No luck this time" ... 

As if I need "luck" to win a mere £25 when they're holding £50,000 of my money. 

So, I've finally cashed in £20,000 of my Premium Bonds which I'll put into an ISA ... 

But to rub salt into the wounds, it'll be another 4 days before my money is returned to my bank account ...

So that's even more millions they're milking from us ...

Frankly, shame on you, NS&I.

N.M.

david29dpo

Play a lotto then and lose your capital.
Thats the luck of the draw.
Winnings are paid on the 8th of the following month, allways have.
Excluding weekend, allways had my capital back in 2 days.

my last years winnings on 50K  were over 7%
Year before 3%
As the singer once said, thats the way it is!

vacheron

PremiumBondsSuck said:

............

When I went on the NS&I website last week to discover that I'd won nothing, they had the audacity to say, "No luck this time" ... 

As if I need "luck" to win a mere £25 when they're holding £50,000 of my money. 

...but you do need "luck" to "win", that is entirely the point of premium bonds, or indeed all gambling.

There are thousands of products out there that offer guaranteed returns, what makes Premium Bonds unique is the chance of a disproportionate "reward" in exchange for poorer returns than alternative savings products.

You could put £10 on every number on a roulette wheel apart from number 7, and then watch the ball land on number 7. That does not mean that roulette sucks per-se, it means you gambled and lost, which is a necessity for others to win big, and you still needed luck, which evaded you, but at least with premium bonds you don't lose your initial stake too!

Personally I've never seen the appeal of premium bonds, but I am the same with lottery / scratch cards, horse racing etc. To me the "thrill" of the chance of winning just isn't there, and I feel no excitement when participating. If I am ever gifted a scratchcard from a friend or relative, I give it to my wife or son to do. It doesn't mean these things "suck", they just aren't suitable products for me. 

400ixl

The payments should hit your bank tomorrow. Any decent bank account will show you when you are getting payments. Mine showed it as due tomorrow last Thursday. It is typically around the 6/7th of the month depending on weekends.

Personally I have been over 4% interest per year on a full holding. Once you take into account the tax free element and add that 40% tax on that interest it is very good.

If you haven't been using all of your ISA allowance alongside then it may well be the better place for your money, although is a cash ISA rather than investing right for you?

boingy

PremiumBondsSuck said:

After 35 years with a maximum Premium Bond holding ... and having had no wins of any note ... I've finally come to the conclusion that enough's enough ... 

This month, I won only £50 with my £50,000 holding, which by my "reckoning" is a 1-ish % return ... 

And one week after the draw, i STILL haven't received my money ...

On a national scale, NS&I must make MILLIONS from these delayed payouts ...

And last month, I won NOTHING at all ...

Now, Warren Buffett I'm not, but I'm pretty sure that a £0 win on a £50,000 holding is a ... 

0% return.

But this is the truly galling thing ... 

When I went on the NS&I website last week to discover that I'd won nothing, they had the audacity to say, "No luck this time" ... 

As if I need "luck" to win a mere £25 when they're holding £50,000 of my money. 

So, I've finally cashed in £20,000 of my Premium Bonds which I'll put into an ISA ... 

But to rub salt into the wounds, it'll be another 4 days before my money is returned to my bank account ...

So that's even more millions they're milking from us ...

Frankly, shame on you, NS&I.

N.M.

On the upside you've still got your original stake, which is more than you'd have if you put it all into the stock market about a week ago...

Anyway, happy Monday and welcome to the forum. 

thriftytwosome

It seems you have been particularly unlucky with your holding and have been very patient waiting for the elusive prizes.

I have heard that there are bond holders that will withdraw and reinvest in new bonds with new numbers. Perhaps you could try with part of your holding? I realise there is a waiting period before the new numbers go into the draw but as you are not getting a return on your holding maybe worth a try?

david29dpo

thriftytwosome said:

It seems you have been particularly unlucky with your holding and have been very patient waiting for the elusive prizes.

I have heard that there are bond holders that will withdraw and reinvest in new bonds with new numbers. Perhaps you could try with part of your holding? I realise there is a waiting period before the new numbers go into the draw but as you are not getting a return on your holding maybe worth a try?

Nonsense .........................

born_again

PremiumBondsSuck said:

After 35 years with a maximum Premium Bond holding ... and having had no wins of any note ... I've finally come to the conclusion that enough's enough ... 

This month, I won only £50 with my £50,000 holding, which by my "reckoning" is a 1-ish % return ... 

And one week after the draw, i STILL haven't received my money ...

On a national scale, NS&I must make MILLIONS from these delayed payouts ...

And last month, I won NOTHING at all ...

Now, Warren Buffett I'm not, but I'm pretty sure that a £0 win on a £50,000 holding is a ... 

0% return.

But this is the truly galling thing ... 

When I went on the NS&I website last week to discover that I'd won nothing, they had the audacity to say, "No luck this time" ... 

As if I need "luck" to win a mere £25 when they're holding £50,000 of my money. 

So, I've finally cashed in £20,000 of my Premium Bonds which I'll put into an ISA ... 

But to rub salt into the wounds, it'll be another 4 days before my money is returned to my bank account ...

So that's even more millions they're milking from us ...

Frankly, shame on you, NS&I.

N.M.

& the other 420 months?

How do you think the government make millions from delayed payments? Not exactly going to have a savings account are they...🤷‍♀️

david29dpo

If you had had a BIG win, would they suck then?

Swipe

The OP should have been aware of this before they put £50K into premium bonds. 

pseudodox

Luck of the draw, which is well publicised.  I have now won from £25 to £300 every month since July 2022. My cousin has won zilch in past 2 years. I could have made more in savings account interest in recent times, but I enjoy the monthly anticipation.  I keep expecting my luck to end & if it does so be it.  Money is always in my bank within a week of the draw, which this month was on 2nd so a week has not yet elapsed as per OP.  As said above it's better than lottery tickets & roulette where your stake is lost.

I would never withdraw & then reinvest in new numbers.  But I have bonds bought in 4 batches & I get more wins from one particular batch, but still regard this as luck.  I believe last year one of the £m winners won on a very old bond & with a very low holding.  So I think my single number from a 1963 gift from my granny still has as much chance as any.