Premium Bond Winner ?

Swipe

As a long term max holder of premium bonds I will definitely withdraw them if this cut goes ahead. I suspect many other savvy savers will too, leaving just the uninformed and unaware holding the baby.

Ch1ll1Phlakes

Swipe said:

ColdIron said:

taylornj said:

Rather than a fair rate, plans have been put forward to increase the limit from a maximum of £50k to an unknown amount, at the same time slash the rate to 2.8%.

Do you have a source for this claim?

It was the subject of an article in the Telegraph on 24th September: https://www.telegraph.co.uk/money/banking/bonds/reeves-cut-premium-bonds-prize-rate-to-raise-1bn/

Currently that's a proposition by one individual and not set in stone. So I wouldn't say plans have even been put forward as this isn't a government proposal.

The same idea is discussed in the Express (see Calls for major Premium Bonds change would make 'fewer prize winners' | Personal Finance | Finance | Express.co.uk) but also an opposing view is shared. The Telegraph article is another piece of media with over exaggeration involved.

ColdIron

Swipe said:

ColdIron said:

taylornj said:

Rather than a fair rate, plans have been put forward to increase the limit from a maximum of £50k to an unknown amount, at the same time slash the rate to 2.8%.

Do you have a source for this claim?

It was the subject of an article in the Telegraph on 24th September: https://www.telegraph.co.uk/money/banking/bonds/reeves-cut-premium-bonds-prize-rate-to-raise-1bn/

Thanks, however some opining by Mr Leunig is a long way from a plan in my book

We have 2 more months of this scaremongering

polymaff

For the record, RPI is currently 4.56%.

2.8% would still be attractive for some tax-payers, I guess.

I can think of one even more retrograde action Rachel from Accounts could adopt

 - but I'll keep that under my hat.  

MACKEM99

polymaff said:

For the record, RPI is currently 4.56%.

2.8% would still be attractive for some tax-payers, I guess.

I can think of one even more retrograde action Rachel from Accounts could adopt

 - but I'll keep that under my hat.  

Must be a big hat 😃

LZC

If I cash in today and select defer payment until next prize draw do I get my money this week or next month?

Technically October’s draw has happened yet hasn’t it, despite not knowing the results.

njkmr

October draw is done so you would end up getting it in November I think.

ljayljay

flaneurs_lobster said:

taylornj said:

I'm certainly considering I might have no option but to exit, risk/reward could be to small, and I'm under no obligation to prop up wasteful, reckless Government spending incurring debts, hidden subsidies, stealth taxation, worse taxes not used for the benefit of this country, those grafted hard currently and in the past are the last to benefit. Are we looking at the true death of premium bonds under this government?

Is this not just a teeny tiny bit political?

Exactly, some people can't help themselves. This isn't Twitter/X.
I would take an anti govt column filler by some hack in the Telegraph with a pinch of salt.
Would seem illogical to try & encourage people to buy more whilst setting rates significantly below what is available elsewhere. For someone with around £50k the return will always have to strike a balance of an OK return with the possibility of a big win plus the tax advantages. 

molerat

October draw someone with a total holding of £7 won £50K on a £5 bond purchased in 1971

NoMoneyNoWorries

I am still still waiting for somebody's  bond from the 1950's to show up.