Premium Bonds - If you post to say how much you've won, please also say how much you have invested.

How does this work. I've been considering moving away from my instant access savers as the interest is practically none existent.
I have about 5k sitting spare is it just a case of setting up via the NS&I website.
Do prizes get added to your pot or sent directly to you?
How quick and easy is it to withdraw if something urgent came up that I needed the money for.

Thanks in advance
 
Mickcas said:
How does this work. I've been considering moving away from my instant access savers as the interest is practically none existent.
I have about 5k sitting spare is it just a case of setting up via the NS&I website.
Do prizes get added to your pot or sent directly to you?
How quick and easy is it to withdraw if something urgent came up that I needed the money for.

Thanks in advance
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You can get 2.7% with Chase instant access. So for £5k you will get about £120 a year.

If you bank with Barclays, you can get 5% up to £5k, will cost you £5 but you will get £5 back if you have 2 direct debits, another £3 if you have a mortgage with them. At minimum you will get about £20 in interest.
 
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They can be set up to reinvest or pay to a bank account. I think it is around 3 days for withdrawal. Anything new doesn't get entered into the draw until it has been there a month (iirc). I agree with Raymond that statistically you will do better with some decent saver accounts now, but they do have the added bonus that you don't get taxed on the prizes.
 
Raymond Lin said:
I have about £10k in various savings accounts, all instant access and combined I am getting roughly £40 a month in interest, so about £500 a year. I don't think PB is statistically viable right now in today's climate.
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For higher rate taxpayers it is worth it, but you really need to be closer to £50k in the bonds to get closer to the theoretical interest rate.
 
Thanks to the extra money going in the prize pot I have won an outstanding amount of £25.
Just made a cup of tea and now sitting down trying to work out what I can spend it all on. :)
 
£250 this month between the wife and I, but we each have the maximum invested, so this is just under the expected rate of return with 'average luck'. We've had that invested for a while now and this is the biggest 'win' so far, so overall our return is lower than what you'd expect with 'average luck'.

I got excited yesterday when someone knocked on our door and I wasn't expecting any parcels. Thought it was the NS&I folk to tell me I'd won the £1m. Turned out it was just the local MP :(
 
Feek said:
Well with a ten grand winning, you may as well take it all out now because the law of averages says you're never going to win again :D
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Thankfully the law of statistics means that it will have no bearing on future winnings :D
 
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Raymond Lin said:
You can get 2.7% with Chase instant access. So for £5k you will get about £120 a year.

If you bank with Barclays, you can get 5% up to £5k, will cost you £5 but you will get £5 back if you have 2 direct debits, another £3 if you have a mortgage with them. At minimum you will get about £20 in interest.
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Chip are giving 3% at the moment instant access as well, it's switching to a full fat interest earning account rather than a monthly "bonus" from the 11th IIRC as well.
 
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