What to do with big premium bond win

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82152688#Comment_82152688

I know i will pay tax but its better than just sitting in a current acct

Yes absolutely - we have posters on these forums, who seem more concerned about paying tax than getting the best return.

One place though where you can get a return without paying tax is Premium Bonds !

Magsy99

@fuzzzzy i usually win every month, not this big though.

I think the trick is to have a large sequential run of numbers. I put my pension lump sum into it. Good luck for a bigger win in October.

@surreysaver thank you 👍

Good luck to all in October.

So Cynergy seems a good fit, pros i dont need to have a current account with them, cons, they pay interest annually, thats not so bad really.

SacredStephan

I think the trick is to have a large sequential run of numbers.

Why do you think that?

luci

Congratulations on your win!

If you have to pay tax on the interest of any savings, it means you are fortunate enough to have the wealth to need to.

strawb_shortcake

https://forums.moneysavingexpert.com/discussion/comment/82152830#Comment_82152830

I've got a block of £49,700 had 3 blank months on the trot and 5 in total the last 12 months, there's no trick just luck of the draw

Magsy99

https://forums.moneysavingexpert.com/discussion/comment/82152912#Comment_82152912

Well i believed you would have more chance of winning but seeing as that dosnt ring true for @strawb_shortcake maybe it dosnt matter and im just a lucky so and so.

With the big one i actually won 8 prizes that month.

7 of those from the same block.

Sg28

https://forums.moneysavingexpert.com/discussion/comment/82152688#Comment_82152688

Congratulations! Great to see such a huge win!

Did you check on the day and see the 100k prize?

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/82152830#Comment_82152830

With Cynergy if they bring out a new issue with a higher interest rate you can easily upgrade to it and your interest to that date will be paid.

friolento

All savings rates: https://moneyfactscompare.co.uk/savings-accounts/

Magsy99

https://forums.moneysavingexpert.com/discussion/comment/82152998#Comment_82152998

Thanks.

Yes i opened the app and you know if you've won or not by the picture they show.

It was a happy smiley picture, oh good i thought, then you reveal the results and it tells you how many prizes you've won but not how much, so it was 8 prizes, so clicked for the 7 which added up to 350 and the last one was 100,000. I was a bit numb and overwhelmed at the same time lol.

I knew it meant we could at last afford to move and get something a bit nicer, our house is not worth a lot and bungalows for that money are pretty small and dated.

Sorry this thread is turning into a life story.

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