premuim bonds , does anyone do it?

Dickyb0b · 27 Feb 2013 at 19:24

I am thinking of putting 10,000 on premuim bonds instead of opening another cash isa, does anyone do premium bonds on this forum that has some good success stories to tell

tom_nieto · 27 Feb 2013 at 19:27

I have about a grand in premium bonds. Never won more than about £40. Not had anything over the last few months either. They're a bit of a different investment and I suppose a bit of fun. Not sure I'd put £10k into them.

Although I have just won 8000 posts on OcUK

[FnG]magnolia · 27 Feb 2013 at 19:29

They're good for a giggle and if you don't care about realising the maximum return on your investment so they're therefore a good idea for approximately 0.1% of the population.

Dickyb0b · 27 Feb 2013 at 19:38

tom_nieto said:
I have about a grand in premium bonds. Never won more than about £40. Not had anything over the last few months either. They're a bit of a different investment and I suppose a bit of fun. Not sure I'd put £10k into them.

Although I have just won 8000 posts on OcUK

is that £40 for the whole year ?

Duke · 27 Feb 2013 at 19:42

I've have some (think its £100 worth or so) since very young and never won. It isn't worth putting much into them.

tom_nieto · 27 Feb 2013 at 19:42

I think over the last 3 years I've won about £60. Not exactly huge wins, but not bad I guess. Not had anything for a while as I said. Nice to come home to a cheque once in a while.

P3N9U1N · 27 Feb 2013 at 19:44

I'd say I get between £50 and £100 on average per month, not bad when it all adds up.

That is maxed out at £30k however, so when you look at it like that, not a great return...

Digital · 27 Feb 2013 at 19:45

I know someone who has about 10K, usually get at least £50 a month from them.

Dickyb0b · 27 Feb 2013 at 19:47

Digital said:
I know someone who has about 10K, usually get at least £50 a month from them.

nice , thats what i was looking to hear

BennyC · 27 Feb 2013 at 19:47

I think it's a bit foolish personally, to stick £10k that could go into a tax free ISA, on premium bonds. It's a better shout than leaving it sat in a current account earning sweet F A though.

Yes there's the excitement element of winning big but the odds are against you.

I'd rather have the couple of hundred quid, minimum (providing your stocks & shares don't dive), interest.

I had some money in premium bonds but withdrew it recently. If you can afford not to earn anything on that money then go for it

Randomface74 · 27 Feb 2013 at 19:54

Saving isn't very attractive at the moment. Spend

Lycosa · 27 Feb 2013 at 20:07

I have £100 worth, never won anything for some reason

cjgardens · 27 Feb 2013 at 20:16

I had 500 quid in one when I was young and got 50 quid win 3 times. The top prise was a million, not sure it you can win that much now, this is about 20 year ago, think it was called Ernest bond because that's what the computer was called or something Ike that, you checked the numbers on cfax ha ha

[TW]Fox · 27 Feb 2013 at 20:44

Digital said:
I know someone who has about 10K, usually get at least £50 a month from them.

No, they don't. Seriously its this sort of story that cons people into thinking premium bonds are good idea. They are not. Don't waste your time with premium bonds.

The average return is appalling - not only is it appalling but it's also misleading because it's skewed upwards by the handful of people who scoop the jackpot. You'll realise about 1% back from premium bonds. They are not worth it and you don't 'win' anything.

There is NO reason to chose premium bonds over other, better savings and investment products.

Derek W · 27 Feb 2013 at 20:45

anyone who has got them check this http://www.moneysavingexpert.com/savings/premium-bonds-calculator/

When i had 14k I was judged to be 'lucky' as only 1.5% of people with 14k had won as much as me. I won about £250 over 6 months before i had to take them out for a deposit.

Its better to have a large run of bond numbers than random smaller amounts (well I found that anyway) over the first year invested about 6000k over several months grand here and there but didn't win anything, the following year i took them out and put them back as a lump sum and won some. the following year took it out and put in 14k in a lump and won more.

[TW]Fox · 27 Feb 2013 at 20:47

Derek W said:
anyone who has got them check this http://www.moneysavingexpert.com/savings/premium-bonds-calculator/

The Key Result

With £1,000 in Premium Bonds, if you have average luck1
you would expect to win roughly NOTHING over 1 year

Premium Bonds - just say NO.

[FnG]magnolia · 27 Feb 2013 at 20:48

Yeah but my mate Dave - well, he's not my mate but a friend of a friend, sort of, I don't even know him - anyway, this guy won a million pounds!! I should probably put my 10 000 pounds into them because it's a sure thing.

What do you say to that, Mr Fancy Pants Fox?

Pete1989 · 27 Feb 2013 at 21:00

I have just a 100 or so. Never won anything. My brother though has 50 and has won about 5 times now.

DIABLO · 27 Feb 2013 at 21:31

Digital said:
I know someone who has about 10K, usually get at least £50 a month from them.

He's BS'ing you or is verrrry lucky.

ThundyCat · 27 Feb 2013 at 21:32

My father in law was extremely lucky and won 50k on the premium bonds. Sent 10k my way towards helping with our loft conversion we had done.

The outlaws seem to win nearly every month anywhere from £50 to £250 and I win sweet fanny Adam!