Jump to content
quickcluck

Premium bonds anyone?

Recommended Posts

Hi guys,

 

I've had an ISA mature, and now I am wondering what to do as the interest rates are pants at the moment :?

 

Someone suggested Premium bonds as there is no risk of losing money, and obviously there is the hope of a small payout every now and then...

 

Any one got any thoughts on what I should be thinking about?

 

Thanks

 

K

Share this post


Link to post
Share on other sites

I have some.. I buy a few each month instead of doing the lottery. Not sure if it makes good financial sense but it is safe. My kids have £100 each that they were bought as Christening presents and they have each won £50 once or twice.

Share this post


Link to post
Share on other sites

The best win we had was a while ago and we won 5 separate envelopes on the same day.

It was so long ago that it was when the prizes were £50 so we won £250 :dance:

 

Mind you, a couple of days ago I won £25 and the following day I won another £25 :dance:

 

Most times we don't win much at all but the money is safe and can't be dipped in to like in the bank.

You can also have the winnings put straight back into the premium bonds.

Share this post


Link to post
Share on other sites
Guest

I have LOTS of Premium bonds so my chances are high of a win. I generally win £25-£75 a month, I once won £500 which was lovely.

 

My daughter only has a couple of thousands in pounds and has only won £200 in all the years she has had them.

 

I look at it as a lottery ticket where I can get the ticket price refunded if I want to.

 

There are no guarantees but as you say interest rates are just pitiful.

Share this post


Link to post
Share on other sites

I have £100 worth, bought about 15 years ago. I won the smallest prize within six months (pretty sure it was only £25) then nothing...until I notified them of a change of address and a £25 prize dropped through the door :)

 

Not sure I would invest thousands though :?

Share this post


Link to post
Share on other sites

I have £500 bought about 7/8 years ago. So far I have won 3 lots of £25 which, as hubs pointed out, is probably about the interest that would have been payable. However, as others have said, its risk free and you may be in for a nice surprise at some stage! Seems like a good move in the current economic climate 8)

Share this post


Link to post
Share on other sites

OH has several premium bonds and has won around 22 times over the last 10 years, nothing huge, just £25 or £50.

I have a few too and have won twice! Thinking of getting a few more as there is always a chance. :wink:

Share this post


Link to post
Share on other sites

our family had/has a few - they were popular christening gifts back in the day.

In 50+ years of owning them, I've never won.

My mother won once - £25. Which, at the time, was the price of a Kenwood Chef, which is what she bought with it :lol:

Share this post


Link to post
Share on other sites

Take a look on Moneysavingexpert.com - Martin Lewis sets out the real rate of return and why he doesn't think they are a good investment.

 

However, I have some because I like the idea that one day, we could all be milliomaires, Rodney ... :lol:

 

I reckon I win about £50-75 each year in £25 prizes, which I reinvest. The PB money is my 'hip replacement' fund as I once told a friend! If I needed to I could cash it in with no risk and no penalties.

Share this post


Link to post
Share on other sites

We have invested a couple of modest legacies in premium bonds. We have one lot and the children have the other. One batch gets £25 most months. We also won £500 back in 2007 and of course we bought an Eglu :D

Share this post


Link to post
Share on other sites

One of the £1m winners this month was a female, in East Sussex, who bought her bonds in 2002. Tick, tick, tick :D

 

Obviously that wasn't me :lol: but we do win several times a year - mostly just £25 though. I use it as treat money :D Its a bit of fun, interest rates are so low, why not?

Share this post


Link to post
Share on other sites

Just wondering, how many do people who say they have them actually have?

They are £100 each aren't they?

Thinking of buying some more possibly, as they might give a better return than my ISA!

 

EDIT: Just looked into this & the return on £1000 worth of Bonds is a bit less than the interest on my ISA.

My ISA won't ever award me a million though, so its still tempting!

Edited by Guest

Share this post


Link to post
Share on other sites

I don't think that they are as much as that, S! As far as I can remember mine were about £20 each but maybe my memory fails me (wouldn't be the first time recently :oops: )

Share this post


Link to post
Share on other sites

I had £50 as a child and eventually won £25 in my teens. I bought a second hand piano with it!

 

I invested a few thousand in PBs some years ago but rarely won anything, apart from £500 once, which was great. Cashed them in a few years ago.

Share this post


Link to post
Share on other sites

You can only buy them in £100 units now, Soapdragon. I think you can buy a smaller amount if you do it by regular monthly instalments.

 

I looked into buying some as a christening present and decided that was a bit higher than my budget! I still have two £1 one's given to me by my grandfather. I had never seen a certificate for them, but they matched them up to my account when I registered some years ago.

Share this post


Link to post
Share on other sites
You can only buy them in £100 units now, Soapdragon. I think you can buy a smaller amount if you do it by regular monthly instalments.

 

:shock:

Share this post


Link to post
Share on other sites
Welllllll I found a new isa in the end, with Coventry at 2.4% so I went with that!

 

Thanks for that - just opened one myself :P

Share this post


Link to post
Share on other sites
Welllllll I found a new isa in the end, with Coventry at 2.4% so I went with that!

 

Thanks for that - just opened one myself :P

 

Is there a Coventry in HoT then, S? If so I'll be down there double quick 8)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



×
×
  • Create New...