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  • KenSim
    KenSim Posts: 11 Forumite
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    I have wasted around £50 each month for years now on the National Lottery and had very little luck , so I have stopped doing that and put £50 into Premium Bonds every month. Its still a gamble but at least I am not losing money every month.I don't look at it as savings or investments.
  • eskbanker
    eskbanker Posts: 31,066 Forumite
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    KenSim wrote: »
    at least I am not losing money every month.I don't look at it as savings or investments.
    You may no longer be losing as much every month as you were on the lottery, but of course your money is still losing its value to inflation even if you have average luck with your PBs, given the return (1.4% mean, more like 1.2% median, but subject to much more volatility for a small holding) is significantly below inflation....
  • PParka
    PParka Posts: 262 Forumite
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    Hi,

    I've just started to buy a few Premium Bonds by standing order each month.
    The money has been taken from my account, but no new Premium Bonds have appeared in my NS&I account yet.
    Does anyone know how long it takes for NS&I to process the new Premium Bond purchase?

    Thanks
    Parka
  • teddysmum
    teddysmum Posts: 9,471 Forumite
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    I bought my last batch £16k via the website and was given the bond numbers immediately, followed by a snail mail confirmation.
  • LesD
    LesD Posts: 2,111 Forumite
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    HELP. Has anyone actual experience of what happens with (grand)childrens' PBs when they reach 16? Can't find anything in their T&Cs and the 'helpline' says to 'write to them'!!!
  • spendinglikemad
    spendinglikemad Posts: 312 Forumite
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    I rang the NS & I line yesterday to find out what I need to do to cash-in and purchase more PBs for my kids (grandparents bought them PB when they were born) so the one who is over 16 has to sign the form himself (cash in form) and I cannot buy more on his behalf - he has to buy them and we also need a letter with his witnessed signature - what a faff!!!

    Also to buy more for my daughter I have to write another letter to be 2nd named responsible person to act on her behalf (she is under 16) and as hubs is named person we have to go down this route (MIL set up account thinking hubs would do anything admin related!! hahahahaha)

    So I now have 2 letters to sort, 2 lots of cash in forms and then 2 new accounts to set up to buy more!!

    SLM
  • SeeMe
    SeeMe Posts: 343 Forumite
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    edited 24 April 2018 at 12:29PM
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    teddysmum wrote: »
    I bought my last batch £16k via the website and was given the bond numbers immediately, followed by a snail mail confirmation.

    Did you do the 16k in one go on a debit card. I was going to put a maturing savings account over £10k into some bonds, but always thought the the banks fraud flag gets raised with any debit card payment over 10k.
  • eskbanker
    eskbanker Posts: 31,066 Forumite
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    SeeMe wrote: »
    Did you do the 16k in one go on a debit card. I was going to put a maturing savings account over £10k into some bonds, but always thought the the banks fraud flag gets raised with any debit card payment over 10k.
    It'll probably vary according not just to which bank but also personal transaction profile, destination of funds, etc - if it was known that all transactions over £10K would be viewed as suspicious then there'd be a lot of £9,999 transactions! I've certainly made >£10K debit card transactions recently without issue but have sometimes had smaller ones held, so don't believe there's any standard limit....
  • SeeMe
    SeeMe Posts: 343 Forumite
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    eskbanker wrote: »
    It'll probably vary according not just to which bank but also personal transaction profile, destination of funds, etc - if it was known that all transactions over £10K would be viewed as suspicious then there'd be a lot of £9,999 transactions! I've certainly made >£10K debit card transactions recently without issue but have sometimes had smaller ones held, so don't believe there's any standard limit....

    Yes i see what you mean, also i have decided to put the money in another savings account with a so called challenger bank ( just about the best interest rate) and only one deposit can be made on account opening, so i will have to go over the 10k in one go.Don't want any current accounts savings route.
  • pmbsa
    pmbsa Posts: 2 Newbie
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    I just found a certificate for £100 worth of bonds I bought for my daughter 13 years ago..... I checked last night and they havn't won a penny.... Sounds like the greatest "government backed" scam known to man. You have to applaud them for it. :T
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