Premium Bond Winner ?

root

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.

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).

Fair enough - what is that though about £9 per day interest assuming 50k holding?

gussie5555

Stargunner said:

gussie5555 said:

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!

You cannot generalise premium bonds. Just because they may no longer be suitable for you and others, there are still many people that they are suitable for and just like me they will continue to hold them. As I can’t lose my stake I don’t class it as gambling.

IMHO they are no longer suitable for folks who have max or near max holdings of 50k, and who are 20% tax payers - everyone else OK ! That's all I'm saying - I'm not telling everyone to get out of Premium Bonds just alerting the thousands of large or 50K holders that they should be aware of increasing savings rates elsewhere which they may not be realising.

If this upsets the NS&I Premium Bond fanboys - then so be it!

pbcpdeveloper

fabsaver said:

pbcpdeveloper 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?

A lot of people mix up the time of the draw with the time of the results, they are separate things.

The July draw will have taken place probably in the last week of May. The million pound winners are notified before any results are released, the high value results are released on the 1st working day of the month, the remaining results are released on the 2nd working day of the month.

You can sell your bonds anytime after the midnight on the 1st of the month and remain eligible for the current months draw, the draws already taken place and if you have a winning bond in that draw the result stands.  If you sold before midnight of the 1st and you had a winning ticket in the draw, it would be invalidated and the prize allocated to another bond.

If you sell bonds on the 1st and tick the option for the next draw it will be the 1st of the next month becuase the current months draw has already taken place, just the results haven't been released yet.

Thanks that is helpful.

I assume you mean the draw will have taken place the last week of June (rather than May) for the July draw? It is possible to buy bonds by debit card up to the 31st May for the July draw, so it cannot take place before then.

Yes that right, I should have June as the example.

Doctor_Who

Stargunner said:

You cannot generalise premium bonds. Just because they may no longer be suitable for you and others, there are still many people that they are suitable for and just like me they will continue to hold them. As I can’t lose my stake I don’t class it as gambling.

I couldn't agree more and you can include a lot of other savings and investment products in that statement. If the product doesn't work for your purposes then don't use it, but you can't tell everyone else that the product is no good for them since you don't know their circumstances. 

Eirambler

What would be the approximate prize value for August for someone with a full holding, leaving aside the high value prizes that you are unlikely to ever win - would it be around 3.3% now?

1socrates1

I have a purely hypothetical question to ask. Let's say that the interest rate that ns&i for premium bonds needed to match was 6% and they did away with most of the lower tier prizes, the lowest now being 25,000. What would a possible prize distribution look like, bearing in mind the interest rate, and what would the chance of attaining a prize at each of the tiers that have been left over? I am just curious.

EssexHebridean

Sg28 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! 

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

Not on our current track record it's not. We have only ever won £25 at a time, and only ever a single win in a month. I know about the statistical likelihood, but in our case, we sadly have definitely been "below average luck" throughout most of our time holding them! 

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?

Yes - it was the fact that I thought the draw should already have been made that I based my withdrawal time on - I presumed that if we'd been selected for a prize, then we would still receive it even though the bonds have been withdrawn on the day of the draw. 

I too assumed that ticking the "defer until after next draw" option would mean they would then stay in for the August draw - which wasn't what I wanted! 

justwantedtosay

Eirambler said:

What would be the approximate prize value for August for someone with a full holding, leaving aside the high value prizes that you are unlikely to ever win - would it be around 3.3% now?

For a full year at the new rates I make it 3.2% and £1,600 for the lower value prizes but you can now reasonably expect a bigger prize every three years, though it's most likely to be £500 and very unlikely to be more than £1,000. Ignoring the £5,000+ prizes the rate should be about 3.6% over the longer term.

I know it doesn't work out this neatly but you can hope for 8x25, 9x50, 9x100 and one bonus small prize per year, so more than two a month.

Sg28

EssexHebridean said:

Sg28 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! 

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

Not on our current track record it's not. We have only ever won £25 at a time, and only ever a single win in a month. I know about the statistical likelihood, but in our case, we sadly have definitely been "below average luck" throughout most of our time holding them! 

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?

Yes - it was the fact that I thought the draw should already have been made that I based my withdrawal time on - I presumed that if we'd been selected for a prize, then we would still receive it even though the bonds have been withdrawn on the day of the draw. 

I too assumed that ticking the "defer until after next draw" option would mean they would then stay in for the August draw - which wasn't what I wanted! 

Its only more likely to hit 50 or 100 than 25 as from this draw. Before this the £25 was the most likely.

SouthCoastBoy

I'm thinking of cashing in one of our 50k lots of premium bonds, when rates were low it wasn't much of an issue as the return was so dire on 12 mth fixed income accounts, but now you can get greater than 5% it suddenly becomes more focussed.