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

shiver · 2 Dec 2023 at 21:38

Diddums said:
Tracker fund? Spread it around various savings accounts?

£300 on 50k

As we’ve said time and time again, the winnings are tax free. Savings account interest is not. ISAs tap out at 20k a year

throwaway4372 · 2 Dec 2023 at 21:39

Diddums said:
Tracker fund? Spread it around various savings accounts?

Savings interest gets taxed so it's negligible difference for a bunch of faff.
Tracker in an isa has a 20k limit which is already maxed. Did try a non isa account, that does work but it's quite a bit of faff to keep on top of cgt.

dirtybeatfreak · 2 Dec 2023 at 21:39

10.1k and £550 this year alone!

Diddums · 2 Dec 2023 at 21:57

shiver said:
£300 on 50k

As we’ve said time and time again, the winnings are tax free. Savings account interest is not. ISAs tap out at 20k a year

throwaway4372 said:
Savings interest gets taxed so it's negligible difference for a bunch of faff.
Tracker in an isa has a 20k limit which is already maxed. Did try a non isa account, that does work but it's quite a bit of faff to keep on top of cgt.

Ahhhhh I wasn't aware of the tax implications, that makes it a bit more palatable I guess!

Mr Badger · 2 Dec 2023 at 22:16

Diddums said:
Ahhhhh I wasn't aware of the tax implications, that makes it a bit more palatable I guess!

It's been done to death, but for most people the rationale is that aside from inflation, your money is safe whilst you have the small chance of winning big. For people wanting to compare the typical rate of return of Premium Bonds to other savings options, then they make the most sense if you are already paying tax on your savings (much more common now that interest rates have increased) and you can put it in the maximum £50,000.

413x · 3 Dec 2023 at 01:34

Mr Badger said:
It's been done to death, but for most people the rationale is that aside from inflation, your money is safe whilst you have the small chance of winning big. For people wanting to compare the typical rate of return of Premium Bonds to other savings options, then they make the most sense if you are already paying tax on your savings (much more common now that interest rates have increased) and you can put it in the maximum £50,000.

My approach was isa rates are poop.
I'm going from 0 to 15k in 6 month then cashing it in to buy something.
I'd rather risk the interest on winning big than get a couple of hundred guaranteed from a flexible isa

Raikko7 · 3 Dec 2023 at 08:16

£0 on £50K this month. Since January I've won £2825, so the return is 5.65%.

ristac · 3 Dec 2023 at 08:25

I used to have some but cashed out into a self invested fund. When I had them, I saw it as doing the lottery each month and getting your money back if you lost, a no lose gamble

Gixer · 3 Dec 2023 at 08:29

Nada with 24k in the pot

bobuk · 3 Dec 2023 at 11:41

Zero with 20k, 2nd month running.

DJMK4 · 3 Dec 2023 at 13:26

So far it's not showing in prize history. Last month was £50 which was well below what I was getting before

So this month unless the prize history is having a delay updating it (it has happened before where it's updated a day later than everyone else)

Nothing on £50k

Starting to think I need some.gaurenteed return now

Bald-Eagle22 · 3 Dec 2023 at 18:50

Diddums said:
I honestly don't know how you guys justify this to yourselves, your money is literally just sitting there losing value at what can only be described as tragic returns, I don't think I could ever do that!

(yes I know this topic has been done to death but I'm a bit special so leave me alone)

ISA maxed out , no mortgage and pension doing well .

PB are just a short term cash fund for me .

200sols · 3 Dec 2023 at 19:04

Diddums said:
I honestly don't know how you guys justify this to yourselves, your money is literally just sitting there losing value at what can only be described as tragic returns, I don't think I could ever do that!

(yes I know this topic has been done to death but I'm a bit special so leave me alone)

As a cash store for high taxpayers its far from tragic.

DJMK4 · 3 Dec 2023 at 19:07

Iv opened up a zopa ISA account as I have £11k sat in my secondary Lloyds current account which I'm going to be transferring in to zopa.

If I am not making any money over the next couple of months in the premium bonds I may start looking at transferring part of it to something else..

I used to get more winnings when I was able to buy bonds to premium bonds . I'm pretty sure iv asked the question can you win on bonds twice or not ?

I'm tempted to try withdraw £5k and the buy again to see if it kick-starts it.

If I don't make any money out PB of it I'll need to look at a tax efficient way of saving and making money from interest.

I'm on higher tax bracket with HMRC so not sure what to look for other than the Isa I just setup with zopa

Moothead2 · 3 Dec 2023 at 19:58

£875 on £40,000 in 6 months so about 4.375%. not bad and I'll take the lower return for a chance at the big one

.

Mr Badger · 3 Dec 2023 at 19:59

DJMK4 said:
Iv opened up a zopa ISA account as I have £11k sat in my secondary Lloyds current account which I'm going to be transferring in to zopa.

If I am not making any money over the next couple of months in the premium bonds I may start looking at transferring part of it to something else..

I used to get more winnings when I was able to buy bonds to premium bonds . I'm pretty sure iv asked the question can you win on bonds twice or not ?

I'm tempted to try withdraw £5k and the buy again to see if it kick-starts it.

If I don't make any money out PB of it I'll need to look at a tax efficient way of saving and making money from interest.

I'm on higher tax bracket with HMRC so not sure what to look for other than the Isa I just setup with zopa

You seem to have strayed into urban myth territory. All you will achieve by selling and rebuying premium bonds is to exclude yourself from the draw for a month.

DJMK4 · 3 Dec 2023 at 20:02

Mr Badger said:
You seem to have strayed into urban myth territory. All you will achieve by selling and rebuying premium bonds is to exclude yourself from the draw for a month.

I will leave it in then

shiggsy · 3 Dec 2023 at 20:26

DJMK4 said:
I'm pretty sure iv asked the question can you win on bonds twice or not ?

Any of your bond numbers can only win once per draw, but there is no limit to how many draws it can win in. There are single bonds that have won multiple times over the years.

I had 1x £50 & 1x £100 this month. Totals for this year are 33 Wins worth £2,050, a return of 4.10%

Slackjaw190 · 3 Dec 2023 at 22:21

£575 for me this month, which was needed as I'd only won £1325 beforehand this year on £50k, so that puts me near the 'expected' median.

3.8% return this year for me

DJMK4 · 3 Dec 2023 at 23:55

Slackjaw190 said:
£575 for me this month, which was needed as I'd only won £1325 beforehand this year on £50k, so that puts me near the 'expected' median.

3.8% return this year for me

Nice
How much on avg were your bonds when you were buying them?

How long have you been at the 50k limit ?