House Proceeds Not Needed Yet - Premium Bonds???

smileypigface

I sold my house at Easter and now have just under £110,000 in my ICICI account making almost £500 a month in interest.

My purchase fell through yesterday and I've offered on another house today and had it accepted.

So, I won't be needing the cash for another 6 weeks or so.

Would it be worth buying the maximum number of premium bonds for myself, partner and 2 of the kids up to the total cash and hoping to maybe have a bit of a win in the next 6 weeks?

Any opinion welcome.

Thanks

Aegis

No. You need to hold the bonds for a full month before they become eligible for a draw. As such, you'd basically buy them and would probably have to withdraw them before you even had a go.

If you put it in the top rate instant access savings account, you might be looking at about £770-780 for the 6 weeks, which is almost certainly going to be much more than you'd win from Premium Bonds even if you were eligible for a draw.

dunstonh

stick it in a savings account and then with the interest pop down your local shop and buy scratchcards with the interest paid. You then have a similar set up to premium bonds.

Mikeyorks

The look on the dog's face (your Avatar) suggests it's not a good idea .... I agree. As Aegis says .... you have to hold them through a full month, so it's not a practical option.

You'd be better off buying a new house.;)