Premium Bond Winner ?

2010

Thumbs_Up said:

Not that anyone needs to know this but I have emptied my premium bond account and put the 50k towards Al Rayan 1.9% savings account. I never expected to win anything big, so for the odd £50 or £25 “win” it did nothing for me.

Bad move, I have it on good authority you were due £1 million in Sept. draw.

Frequentlyhere

I'm surprised there's not more of an exodus at these sorts of rates. If you're a couple with £100k in there month after month, you're on average foregoing over £1400 a year with PB's vs a 1 year fix, or to put it another way you need to be averaging ten £25 prizes a month to keep pace with the guaranteed returns of a 1 year fix.

(appreciate PB's are more akin to easy access, though most people with £50k in there don't really need that much easy access and tend to keep them there for months/years).

jimexbox

I pulled my money out as soon Chase offered 1.5%. I've now left Chase for better rates. Never regretted it. That 'have I won big', only to find out it was 25 quid got tiresome. 

subjecttocontract

There are a few considerations where premium bonds are concerned.
* Winnings are tax free.
* They don't contribute to your £1000 or £500 annual allowance.
* Up until quite recently interest payments on other accounts have been very poor so, less to loose if you buy p/bonds.
* Gov' protection doesn't stop at £85K.
* They are a useful addition for those that have maxed out other tax free savings.
* Easy withdrawl, available to you in a few days.

inflationbuster

Premium bond	Returns
Invested	Total prize	Yield	Tax Year
£50,000.00	£150	0.3%	22-23
£50,000.00	£425	0.85%	21-22
£50,000.00	£775	1.55%	20-21
£50,000.00	£725	1.45%	19-20
£50,000.00	£950	1.9%	18-19
£50,000.00	£450	0.9%	17-18 starting  Nov

Thumbs_Up

2010 said:

Bad move, I have it on good authority you were due £1 million in Sept. draw.

Great shame for us both then, I was going to give you half, we both can cry tears of injustice.

Thumbs_Up

subjecttocontract said:

There are a few considerations where premium bonds are concerned.
* Winnings are tax free.
* They don't contribute to your £1000 or £500 annual allowance.
* Up until quite recently interest payments on other accounts have been very poor so, less to loose if you buy p/bonds.
* Gov' protection doesn't stop at £85K.
* They are a useful addition for those that have maxed out other tax free savings.
* Easy withdrawl, available to you in a few days.

Of course not remotely connected but in the 28 years of the national lottery fund I have only wasted my £1 or £2 coins a handful of times.

 

subjecttocontract

Yes indeed.
Thanks for letting me know that the national lottery is 28 years old.
I bought a ticket on the opening day and have never bought one since.
Perhaps I should have.....who knows .......someone has to win!

linz

2 x £25 on £40k

silverwhistle

subjecttocontract said:

* Easy withdrawl, available to you in a few days.

How few days?

I've got some  cash I'll need for dental treatment in a few months, and it's currently earning sod all. I've got shares for longer term, and I'm not going to risk on the horses so premium bonds at least offer the prospect of a surprise £25, which my current accounts don't.