Premium Bond Winner ?

arthurdick

Max holding

This is my first month back holding premium Bonds, the last time I held some was over 27 years ago,  Had max holding then (£10000) , I dont remember winning any large prizes then, maybe the odd £75  PM now and then.

As I have said, this is my first month back holding Permium Bonds  and I won  a  £25  and a £50. 

At this rate I would be getting less than in savings but as I have all my money from selling my home in savings  and waiting to buy a new place, it saves me a little bit of tax on interest..  Plus it always gives me that dream the last week of the month, where I am looking at all property up to 1 Million in the area I would want to buy.  At the moment it is treated as a bit of fun.

st182

I've still never won- but only ever held a very small amount!

Can I ask- does anyone use Premium Bonds literally as a savings account, as in regularly withdraw and pay in?

I'm lucky enough to be going into higher tax band next financial year, so I'm thinking of completely simplifying and just use PB as a single pot for everything. Any thoughts? Thanks all! 

Sarahspangles

st182 said:

Can I ask- does anyone use Premium Bonds literally as a savings account, as in regularly withdraw and pay in?

It’s a full month before new bonds are entered in the draw so the optimum time to purchase is towards the end of the month.  Withdrawals aren’t instant either - a couple of days the last time I withdrew any.  So it’s not a direct equivalent to an instant access account.

I do have rainy day money in PBs because I use my ISA allowance on accounts that are even more limited access.  And someone has to win….

Primrose

st182 said:

I've still never won- but only ever held a very small amount!

Can I ask- does anyone use Premium Bonds literally as a savings account, as in regularly withdraw and pay in?

I'm lucky enough to be going into higher tax band next financial year, so I'm thinking of completely simplifying and just use PB as a single pot for everything. Any thoughts? Thanks all! 

Well at least if you use this option you know your bank won,t go broke as it,s backed by the government!
Seriously I wouldnt  though  as if you need access to some of your money in a hurry for an emergency NS&I is probably not the quickest route to get it.   Also if you,re going into a higher tax band, get  advice on whether paying into an ISA or additional money into your pension  might not give you more long term flexibility,  I don't know what age you are and what sort of pension scheme you have or whether you have a mortgage but keeping your savings options flexible and getting the best value from them may not be served by NS&I in my opinion

masonic

st182 said:

I've still never won- but only ever held a very small amount!

Can I ask- does anyone use Premium Bonds literally as a savings account, as in regularly withdraw and pay in?

I'm lucky enough to be going into higher tax band next financial year, so I'm thinking of completely simplifying and just use PB as a single pot for everything. Any thoughts? Thanks all! 

Being a higher rate taxpayer still entitles you to £500 tax free interest, which should allow a sufficient balance in normal savings for your everyday needs.

st182

Thanks all, good points well made. I think like all things, it's perhaps best to not put everything in one basket! Fair point on the month+ lag, I hadn't thought of that. I'll certainly have some PSA left after the fixed rate bonds I hold mature, so yes- decision made- I'll use that as a buffer for easy access. As for pensions, yes I am considering more AVC's. Thanks again 

pbcpdeveloper

Might be worth looking into extra pension payments via Salary Sacrifice, this can take you back below the higher rate tax bracket.

SandyN21

SandyN21 said:

Max holding of £50K since April 2022 

2023

Jan - £25

Feb - nil

Mar - £25 + £100 + £100 = £225

Nice little surprise in this morning's post - after winning £225 this month, I received a letter to say I'd won £25 allocated because the original winner wasn't eligible to receive it. 😃

TadleyBaggie

Gary1984 said:

I don't think people understand randomness.

I once suggested to someone who wanted numbers to do the national lottery to choose, 1-2-3-4-5-6. They said that will never come up, to which I said it's as likely as any other combination. They didn't get it.

eskbanker

TadleyBaggie said:

Gary1984 said:

I don't think people understand randomness.

I once suggested to someone who wanted numbers to do the national lottery to choose, 1-2-3-4-5-6. They said that will never come up, to which I said it's as likely as any other combination. They didn't get it.

You're right in terms of randomness and probability of course, but I'm sure I've read that a disproportionate number of people have chosen that particular set of numbers, so it's not a good choice in terms of how diluted any jackpot winnings would be!

Edit: yes: https://www.theguardian.com/uk-news/2014/nov/17/national-lottery-numbers-20-years-katie-price-win-jackpot

It is estimated that in each draw, 10,000 people choose the numbers 1, 2, 3, 4, 5 and 6. Of course, numbers that form a nice pattern like this are as likely as any other combination, so they are in no way reducing their chance of winning. But given most jackpots are around the £4m mark, if those numbers do come up, everyone will walk away with £400 each.