premium bonds (merged)

mbamick

Nice to hear that you have won this month folks; it the first month in almost 2 years that I haven't had a win [I'm one of those saddos that holds the maximum amount of Bonds].

Rather than getting the £50 cheques each month, I opted for reinvestment of winnings into additional premium bonds. If I recall correctly, these had the added benefit of being eligible for the next draw - rather than having to wait a complete month. It also saved me having to trot down to the bank or building society to pay the monthly cheques in.

welshgirlcats1

i've done the same as k for them to be reinvested

marion

fbrj

mbamick wrote:

Nice to hear that you have won this month folks; it the first month in almost 2 years that I haven't had a win [I'm one of those saddos that holds the maximum amount of Bonds].

Rather than getting the £50 cheques each month, I opted for reinvestment of winnings into additional premium bonds. If I recall correctly, these had the added benefit of being eligible for the next draw - rather than having to wait a complete month. It also saved me having to trot down to the bank or building society to pay the monthly cheques in.

If you hold the maximum - are you still allowed to re-invest the winnings???

MaureenHB

Stonk wrote:

Yeeha! Thanks for reminding me to check this month's draw. I got a couple of 50s, putting me back on track to match what I'd have got in a savings account.

Do you have to check somewhere to see if you have won? I just trust in them sending me a cheque... oooh, maybe I have a few million waiting for me...!

pkrnts

MaureenHB wrote:

Do you have to check somewhere to see if you have won? I just trust in them sending me a cheque... oooh, maybe I have a few million waiting for me...!

I got this from the other premium bond thread floating around so credit to that person..
http://www.nsandi.com/products/pb/haveYouWon.jsp

fbrj wrote:

If you hold the maximum - are you still allowed to re-invest the winnings???

I wondered this also, I wouldn't have imagined that being allowed somehow.

grumpyoldgit_2

No - you cannot exceed the maximum holding - they revert to sending cheques for any wins when you reach the limit (£30K).

GoG

mbamick

fbrj wrote:

If you hold the maximum - are you still allowed to re-invest the winnings???

No. I could only do it whilst I was working my way towards the maximum, fbrj. Once you reach the maximum, the payout system simply defaults to issuing you with a cheque. There is no supplementary action needed on the part of the investor.

I presume that, if I reduce my holdings below the maximum, my reinvestment would kick back in.

Sorry if I confused you in any way.

anthonymartin

I need to pay a capital gains bill in january I have £30k in a AA savings account. Was thinking of putting 30k in Premium bonds until Janaury hoping to win a prize, equal or more than the interest paid by AA any thoughts?

YorkshireBoy

anthonymartin wrote:

...any thoughts?

You wouldn't be able to enter them until December's draw at the earliest.

"When Bonds go into the draw
Your Bonds become eligible to take part in the prize draws once you have held them for a full calendar month following the month you bought them."

http://www.nsandi.com/products/pb/index.jsp

anthonymartin

thanks for your info on pbs. I have to pay cgt on 31st Jan. Was thinking of trying my luck with 24,000 of pbs hoping that the winnings would go towards my cg. any thoughts or is there anything else that will return my orginal investment by 31st Jan. i have a 100k cg bill to pay