Premium Bond Winner ?

SVts

eskbanker said:

SVts said:

Deru said:

SVts said:

borefest said:

what is chip? thanksx

Chip Bank instant access account currently paying 3.82% interest. I've realised Premium Bond 'gambling' is not for me as I'd rather have the guaranteed return. 

That's a shame as you seem lucky to win something in the first ever draw you're entered into.  Chip also have a 'prize savings' account thing with a prize with no interest which I've also got some cash in (1st/2nd month in with no wins).  I'm also saving some cash in their normal 3.82% account.

I have the bulk of cash in Premium Bonds but have chunks in other savings accounts just to spread it out. Premium Bonds is fun for me and it's a bit of FOMO but it's done well for me.

That's just it I couldn't take a 3-4 month run of winning nothing. Pulled out this morning leaving just a £1000 in.

Why leave £1000 in?  That'll earn £38.20 in the other account, but the 'average luck' expected return from the PBs will be zero, even though there remains the chance of winning something....

Accumulated from birthday presents over the years.

eskbanker

SVts said:

eskbanker said:

SVts said:

That's just it I couldn't take a 3-4 month run of winning nothing. Pulled out this morning leaving just a £1000 in.

Why leave £1000 in?  That'll earn £38.20 in the other account, but the 'average luck' expected return from the PBs will be zero, even though there remains the chance of winning something....

Accumulated from birthday presents over the years.

But in what way does that make you feel obliged to keep some of your money in a product you've lost faith in, when by your own admission there are better homes for it?

retiringtoosoon

just reduced my holding by £10k to put into a 2 year fixed rate saver at 5.25% when our current mortgage deal ends.
lost faith in PBs as an effective savings vehicle.

pridehappy

It used to be okay years ago, although recently, with £5000 invested for 5 years nearly, I’ve won £50. So when you consider interest, it’s lost value.

A._Badger

I have pulled out my entire PB savings (about £24,000). It was worth a gamble when interest rates were low but not now I can get over 5%.with, effectively, no risk. 

PowerSavingMode

MallyGirl said:

 £250 (2x100 2x25) for June on £46k

Congrats! 

I've noticed that the top winners always seem to have a holding of (often much, much) more than £10K — so I'm thinking of pulling out. Have won 3 x £25 over the past 12 months on a holding of just under £9K. 

PowerSavingMode

silvermum said:

3 wins today, totaling £100, on a £5175 holding.

To date, or with the June draw?

eskbanker

DJDools said:

silvermum said:

3 wins today, totaling £100, on a £5175 holding.

To date, or with the June draw?

Surely 'today' is self-explanatory?

S_uk

DJDools said:
I've noticed that the top winners always seem to have a holding of (often much, much) more than £10K

Well the more bonds someone holds the more likely they are to win, so I wouldn't say it's particularly surprising.

Not sure what you meant by "always seem".. seven 100k prizes went to people holding less than 10k in bonds this month. Someone with a £4 holding won 5k and another with a £2 holding won 10k.

Deru

Swipe said:

PBs make very little sense unless you've maxed out your ISA each year or are a higher rate tax payer

It's a gamble but personally, I've done better from PB's this year than all my savings products / ISAs combined (not maxed out).  It's a gamble but potential returns are great if you're lucky enough. 

It's a bit like saying it makes very little sense to play the lottery?

Had I not bought PB's because I haven't maxed out my ISA (with it's measely rates), I'd be worse off.