Premium Bonds

A relative got a £100 premium bond for our son when he was born, 19 years ago. Never won a penny on it.
 
I'm informed by relatives that i own some premium bonds, and i remember once winning £25, but unless i've become a millionaire and not known it then thats probably the extent.

Im happy to let it sit there but i dont plan on buying any any time soon
 
Iv got about 6k in bonds and won £25 around the time I started it, was beginning of this year I think? Not sure if I will win again, lol, maybe another £25. I'm only using it as a hold at the moment, rest are in other savings.

Iv never heard anyone winning more than the £25 on the odd occasion
 
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I did have 500 bonds (£500) for 3 years between 2006 and 2009. Didn't get a sausage. Then I got made redundant and apparently having premium bonds affects your JSA so I cashed it all in and signed on.

Tbh, I have better luck playing the 1 armed bandits :p
 
Compared to the guaranteed return of savings (even at the pitiful returns that will currently get you) Premium Bonds are a complete waste of time. Don't bother.
 
I'm probably going to withdraw and put in to a short term tracker bond for 6 months but that's only 1.5℅

Anyone know any good deals about at the moment for short term for excess. Can't be an isa or an account where you have to pay
 
If you dont already have an ISA I guess that would be better, or, some other higher interest current account.

I already have an ISA so i may look at moving mine to a 6 month tracker bond just so it gives back £90 I guess on 1.5% of what I have in bonds.

Not really much though so im not fussed.
 
DJMK4 said:
If you dont already have an ISA I guess that would be better, or, some other higher interest current account.

I already have an ISA so i may look at moving mine to a 6 month tracker bond just so it gives back £90 I guess on 1.5% of what I have in bonds.

Not really much though so im not fussed.
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I've found myself with a small amount of surplus money not doing anything in an ISA and what had interested me recently is P2P lending - there is an active thread about it at the moment. Via a referral to get a £100 bonus, plus about 4% on a 1 year fix (3ish % 30-day easy access), that's effectively 14% return on the first thousand invested.
 
I will have a read in to it. The 3℅ 30 day will probably be better for me. Problem is I need to be able to either pay in to it. Or just lock that up for bit.

It's only going to be for about 6-8 months though as I'm buying a house so the 1 year won't be any good

Rest of my savings is in an ISA.
 
DJMK4 said:
If you dont already have an ISA I guess that would be better, or, some other higher interest current account.

I already have an ISA so i may look at moving mine to a 6 month tracker bond just so it gives back £90 I guess on 1.5% of what I have in bonds.

Not really much though so im not fussed.
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Interest on ISAs is bombing at the moment :( almost to the point of being as useless as premium bonds unless you keep opening new ones yearly. Still better than premium bonds though.

Barclays just savaged the rates on some of mine and even putting the money into a new one isn't making what I was - almost might as well put it under the mattress (exaggerating a bit).
 
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Rroff said:
Interest on ISAs is bombing at the moment :( almost to the point of being as useless as premium bonds unless you keep opening new ones yearly. Still better than premium bonds though.

Barclays just savaged the rates on some of mine and even putting the money into a new one isn't making what I was - almost might as well put it under the mattress (exaggerating a bit).
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Even then, on a transfers ISA, locked for one year MSE is suggesting
Bank of Cyprus UK 1yr fix: 1.1%, min £500
is your best option, Truly awful return.

Minimum win on Premium bonds is £25, assuming you win anything at all in the year.
So you'd have to have £2500 invested for the year fixed to beat a single win.
It is absolutely awful, even if you don't win, you're a whole £25 worse off.
There are very few actual income options for those with savings who do not want risk currently.
 
I've had premium bonds for about 16 years. I've won the occasional £50 and £25 but that's all. Probably about the same as the interest I would have got in a standard account.
 
Hikari Kisugi said:
Even then, on a transfers ISA, locked for one year MSE is suggesting
Bank of Cyprus UK 1yr fix: 1.1%, min £500
is your best option, Truly awful return.

Minimum win on Premium bonds is £25, assuming you win anything at all in the year.
So you'd have to have £2500 invested for the year fixed to beat a single win.
It is absolutely awful, even if you don't win, you're a whole £25 worse off.
There are very few actual income options for those with savings who do not want risk currently.
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Couple of mine were still on nearly 3% which was bad enough - recently Barclays dropped them to like 0.29% or something - even with transferring some money not gonna get anywhere near what I was.

I also had some investments that were helping supplement income - now (largely thanks to Brexit lol) I'm going to have to take on more work and post on OcUK less :(
 
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Arent these the things that were purchased in the 80s by great grandparents for their great grand children (that are now long gone) which sat there did pretty much nothing for 30 years
 
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