Premium Bond Winner ?

gussie5555

No high value prizes for me this month. I can get £200 per month from the current highest paying 1 year fixed bond on my 50k holding - and that's 20% tax paid aswell. In the two and a half years I've held this holding I've NEVER won £200 in one month - only one time did I win £175. I'll be transferring out my 50k this week to that 1 year fixed bond - then I know for sure that I will end up £2400 richer at the end of 12 months - I wonder  just how many 50k Premium Bond holders can be sure of that?

S_uk

gussie5555 said:

I'll be transferring out my 50k this week to that 1 year fixed bond - then I know for sure that I will end up £2400 richer at the end of 12 months - I wonder  just how many 50k Premium Bond holders can be sure of that?

Premium bonds are not and have never been (or ever advertised as) something that will guarantee a certain return on the amount saved. So it's pretty obvious no one can be sure of winning more than what would be earned in a fixed rate bond (which unlike PBs can't be accessed whenever you want).

Sg28

EssexHebridean said:

Swipe said:

EssexHebridean said:

Nowt for me again, and mine have now been requested for withdrawal

The results for low value prizes aren't out until tomorrow 

Yep, I realise that. I thought the draw had already taken place though (I thought it was first thing on the draw day)? Realistically if not then chances are we'd have nabbed another £25 at most so not the end of the world! 

Theres more chance you'll win a £100 or a £50 than a £25

fabsaver

EssexHebridean said:

Swipe said:

EssexHebridean said:

Nowt for me again, and mine have now been requested for withdrawal

The results for low value prizes aren't out until tomorrow 

Yep, I realise that. I thought the draw had already taken place though (I thought it was first thing on the draw day)? Realistically if not then chances are we'd have nabbed another £25 at most so not the end of the world! 

It's never been entirely clear to me at what point early in the month a withdrawal can be safely made without affecting the draw entry. Like you I'd assume a withdrawal today would be ok as the draw should have already taken place.

If withdrawing the month before there is an option to defer until after the next draw. However ticking that box for a withdrawal on the 1st of the month will defer the withdrawal until the following month, even when the draw hasn't actually take place yet.

Does anyone know this for sure or able to find the information on the NS&I website?

Swipe

fabsaver said:

Does anyone know this for sure or able to find the information on the NS&I website?

I wouldn't trust NS&I with anything automated. Better to just wait for the high value prizes to be announced and then manually withdraw them.

root

fabsaver said:

EssexHebridean said:

Swipe said:

EssexHebridean said:

Nowt for me again, and mine have now been requested for withdrawal

The results for low value prizes aren't out until tomorrow 

Yep, I realise that. I thought the draw had already taken place though (I thought it was first thing on the draw day)? Realistically if not then chances are we'd have nabbed another £25 at most so not the end of the world! 

It's never been entirely clear to me at what point early in the month a withdrawal can be safely made without affecting the draw entry. Like you I'd assume a withdrawal today would be ok as the draw should have already taken place.

If withdrawing the month before there is an option to defer until after the next draw. However ticking that box for a withdrawal on the 1st of the month will defer the withdrawal until the following month, even when the draw hasn't actually take place yet.

Does anyone know this for sure or able to find the information on the NS&I website?

Why does it matter though? If 24/48 hours makes a difference to you then PB are probably not the right savings vehicle.

Doctor_Who

ForumUser7 said:

https://www.express.co.uk/finance/personalfinance/1786902/premium-bonds-nsandi-winners-prize-draw

Anyone had any luck this time? On the larger prizes that is?

Not looking until tomorrow.......I like to build up the excitement!

fabsaver

root said:

fabsaver said:

EssexHebridean said:

Swipe said:

EssexHebridean said:

Nowt for me again, and mine have now been requested for withdrawal

The results for low value prizes aren't out until tomorrow 

Yep, I realise that. I thought the draw had already taken place though (I thought it was first thing on the draw day)? Realistically if not then chances are we'd have nabbed another £25 at most so not the end of the world! 

It's never been entirely clear to me at what point early in the month a withdrawal can be safely made without affecting the draw entry. Like you I'd assume a withdrawal today would be ok as the draw should have already taken place.

If withdrawing the month before there is an option to defer until after the next draw. However ticking that box for a withdrawal on the 1st of the month will defer the withdrawal until the following month, even when the draw hasn't actually take place yet.

Does anyone know this for sure or able to find the information on the NS&I website?

Why does it matter though? If 24/48 hours makes a difference to you then PB are probably not the right savings vehicle.

It matters because I'd rather the money be earning interest elsewhere for those 24/48 hours. I've used them for years and the withdrawal process is already slow enough without adding unnecessary extra days.

When interest rates were lower it wasn't such an issue. When the money is heading to a fixed account paying over 6% it matters (to me anyway).

Swipe

fabsaver said:

root said:

fabsaver said:

EssexHebridean said:

Swipe said:

EssexHebridean said:

Nowt for me again, and mine have now been requested for withdrawal

The results for low value prizes aren't out until tomorrow 

Yep, I realise that. I thought the draw had already taken place though (I thought it was first thing on the draw day)? Realistically if not then chances are we'd have nabbed another £25 at most so not the end of the world! 

It's never been entirely clear to me at what point early in the month a withdrawal can be safely made without affecting the draw entry. Like you I'd assume a withdrawal today would be ok as the draw should have already taken place.

If withdrawing the month before there is an option to defer until after the next draw. However ticking that box for a withdrawal on the 1st of the month will defer the withdrawal until the following month, even when the draw hasn't actually take place yet.

Does anyone know this for sure or able to find the information on the NS&I website?

Why does it matter though? If 24/48 hours makes a difference to you then PB are probably not the right savings vehicle.

It matters because I'd rather the money be earning interest elsewhere for those 24/48 hours. I've used them for years and the withdrawal process is already slow enough without adding unnecessary extra days.

You can shave a day off the PB withdrawal process by opening a direct saver with £1 and then instantly cashing them to there. Next business day withdrawal for up to £50K on the DS.

gussie5555

S_uk said:

gussie5555 said:

I'll be transferring out my 50k this week to that 1 year fixed bond - then I know for sure that I will end up £2400 richer at the end of 12 months - I wonder  just how many 50k Premium Bond holders can be sure of that?

Premium bonds are not and have never been (or ever advertised as) something that will guarantee a certain return on the amount saved. So it's pretty obvious no one can be sure of winning more than what would be earned in a fixed rate bond (which unlike PBs can't be accessed whenever you want).

When interest rates were very low then Premium Bomds were worth having even 50k's worth - the landscape has now changed and even the highest easy access savings rates will guarantee £143 per month (20% tax paid) on 50k, you are very unlikely to match that over 12 months now despite NS&I's promises of increased prize funds. With Interest rates possibly going higher in the next few months there will be an exodus of large holdings unless you like gambling!