Premium Bonds

SPARKLYBLUE_2 · 4 August 2005 at 3:37PM

Hi! This is my first post, however have been a "moneysaver" addict for a long time now.
After taking Martin's advice, I used my 0%credit, not in a high interest account but bought some premium bonds, and lo and behold 6 months later £100 came flying through my post!
Not bad for doing nothing! so I re-invested it, just have to wait and see.
Anybody else had any luck!

lipidicman · 4 August 2005 at 4:20PM

Nice one, better 'average' returns with a savings account though!

Lazy_Ike · 5 August 2005 at 12:31AM

SPARKLYBLUE wrote:

Not bad for doing nothing! so I re-invested it, just have to wait and see.
Anybody else had any luck!

Welcome Sparklyblue
As usual there is good advice to found in MSE regarding premium bonds. However what ever the return in relation to savings banks, there is always that 'chance' of the 'big one'. I have a reasonable holding, and have had better than average/saving bank returns both last year, and this year. However not as lucky at one of the million winners in August. With a holding of £10008, and bonds purchased in June 05 (so August was their first elligible draw month) they hit the big one!

ManAtHome · 5 August 2005 at 10:28AM

You don't wanna win a million - your 'end of stooze' date would probably slip your mind and you'd end up paying interest.!!

More seriously, I've found PBs pretty good, but only because I pay higher rate tax. Think I'm close to 'average luck' - been better this year due to interest rate increases from back end of last year. At least you've ended up with a few free PBs, and may get more before you need to repay the CC - good luck.

It's really just an alternative to putting the cash in a monthly interest account and using the interest to buy lottery tickets - anyone tried this.?

lipidicman · 5 August 2005 at 10:34AM

There was a debate on the savings account/lottery tickets idea. I cant remember which came out better, I may need to do a search in a bit.

'You don't wanna win a million - your 'end of stooze' date would probably slip your mind and you'd end up paying interest.!!' ManAtHome

I like your thinking. It would still bother a stoozer, wouldn't it?!

ManAtHome · 5 August 2005 at 10:39AM

Think there was one about the maths/chances, I suspect if anyone's gone the lottery route (or the PB route) and won will be sat on a beach rather than in front of a PC.

itgirlinuk · 5 August 2005 at 11:20AM

I tried to find the moneysaving article about Premium Bonds...But cant find it on this site. Can anyone help??

Thanks in advance,

SPARKLYBLUE_2 · 5 August 2005 at 11:38AM

Hey! thanks everyone for replying to me,going to buy some more for another 6 months, and sit tight! mmmmm wouldn't it be great Martin's first millionaire! ah well we can all dream!bye for now! :j :rotfl:

thriftychick · 5 August 2005 at 2:03PM

I have just bought £1,000 of PBs too, on my virgin credit card at 0% naturally! Its not costing me anything so I thought why not see if I can think lucky this year.

SPARKLYBLUE_2 · 5 August 2005 at 2:42PM

looks like we are on the same wave length THRIFTYCHICK,I've got till next Jan with my new lot! so I'll cross my fingers for you too!I expect after this ERNIE will have a deluge of new investors,and we all have the same chance. Last time I won was £30 when I was 8!! mind you that's alot when you are young. bye again

john269 · 13 August 2005 at 5:39AM

I use to have £500 in premium bonds for about 1 and half years. I never won a thing though so I then pulled the money out and spent it as I needed it at the time.