Premium Bonds Suck

Dizzycap

I had just over 10K of premium bonds for nearly 2 years and never won a bean, so withdrew it to at least get tax free interest. I've left the remaining 26 bonds in since January and won £100 this month. That's the way it's gone for me, but at least I still had my 10k capital

Murphybear

born_again said:

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...🤷‍♀️

I have about £15k in Premium Bonds.  Last month I won 1 x £25 and 1 x £100.  This month I won exactly the same.   

My winnings are automatically reinvested and they go into the next draw without having to wait a clear month.  

I seem to have been lucky the last 2 years, my winnings have given me a higher rate than I would have got from an ISA.  

People seem to have very different attitudes to PSBs.  Years ago I worked for Post Office Counters in London.   Every so often one of my regular customers (he always joined my queue) would present me with a handful of warrants along with his pension book.  These were his PB winnings.  He never won more than £50 a time but some months he won 2 or 3.  He had the maximum holding which was £30k.  He was so happy when I gave him the extra money and I was very happy for him.  One week he brought me  a big bunch of flowers which was lovely.  After that I started buying my own. A few at a time.  Whenever I win I think of that customer, probably long dead by now 

eskbanker

Murphybear said:
One week he brought me  a big bunch of flowers which was lovely.  After that I started buying my own. A few at a time.

Well they do normally sell them in bunches or bouquets....

AlanP_2

Achieved 6.6% over 2024 on c£13k holding between the two of us.

Running at 1.5% so far for 25.

fireballpaul

One thing to make sure you are NOT DOING is having them reinvested into your holding.  It takes a full month of holding before they are active so if you are silly enough to put money in near the start of a month then you have to wait nearly 2 MONTHS before they will be active.   

Best time to add to your stash is about the 26th so that they are in just in time and you only wait just over a month. 

Like wise when withdrawing them, it's best to do it just after a draw (so about the 3rd of the month) and not just before the start of a new month.

eskbanker

fireballpaul said:

One thing to make sure you are NOT DOING is having them reinvested into your holding.  It takes a full month of holding before they are active so if you are silly enough to put money in near the start of a month then you have to wait nearly 2 MONTHS before they will be active.   

Not true:

When your Premium Bonds will go into the draws

In most cases, you’ll need to hold them for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the draw in January.

If you buy your Premium Bonds by automatically reinvesting your prizes, they’ll be in the draw the next month. For example, if you win in the November draw, then your new numbers will be in the December draw. 

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf

fireballpaul said:

Like wise when withdrawing them, it's best to do it just after a draw (so about the 3rd of the month) and not just before the start of a new month.

NS&I effectively take care of this for you:

If you apply to cash in your Premium Bonds in the last two working days of a month, we’ll usually delay the cashing in so your Premium Bonds are entered into the next month’s draw.

fireballpaul

eskbanker said:

fireballpaul said:

One thing to make sure you are NOT DOING is having them reinvested into your holding.  It takes a full month of holding before they are active so if you are silly enough to put money in near the start of a month then you have to wait nearly 2 MONTHS before they will be active.   

Not true:

When your Premium Bonds will go into the draws

In most cases, you’ll need to hold them for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the draw in January.

If you buy your Premium Bonds by automatically reinvesting your prizes, they’ll be in the draw the next month. For example, if you win in the November draw, then your new numbers will be in the December draw. 

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf

fireballpaul said:

Like wise when withdrawing them, it's best to do it just after a draw (so about the 3rd of the month) and not just before the start of a new month.

NS&I effectively take care of this for you:

If you apply to cash in your Premium Bonds in the last two working days of a month, we’ll usually delay the cashing in so your Premium Bonds are entered into the next month’s draw.

Thank you for clearing that up.  That's good they put it in in time then.  

I guess my point was only if you did it manually yourself and decided to add to your stash near the beginning of the month.