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quickcluck

Premium bonds anyone?

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Having looked into this sadly its not for me as you have to tie the money up! My ISA is my 'need a new washing machine/boiler/cooker' fund so have to be able to get at it in an emergency and that cuts down the interest rate a bit. Still a cracking rate for those who can tie up a sum!

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I've had some for most, if not all my life.

 

Recently, because interest rates have gone down so much and some accounts no longer get interest, my husband and I purchased some more. For over fifty years I never won a penny but recently won a couple of times - £25 each time, though husband still hasn't. It means we have now had a similar or better interest rate than a bank account!

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My experience with Premium Bonds was that I never won a single thing until I had at least £25,000 in the account. My husband has the maximum £50,000 in there and he still only wins a few hundred pounds a year.

 

Maybe we're just not very lucky people, but my recommendation would be that if you're going to put them in there, have a decent amount.

 

The other thing you could consider is a long-term investment bond?

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