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Normesby

Premium Bonds

Pros v Cons ?

Anyone have them that could comment ?
Border

I have them, they give far more in return than the same amount in a bank account with todays interest rates..

Maybe I have been lucky.
bodger

We stick all our spare change into a whisky jar and then ever so often count it up and buy PB's with it. The maximum you are allowed is 30,000's worth and the minimum you can buy at any one time is a hundred quid.
We haven't got anywhere remotely near the maximum amount but in the three or four years since we've had them, we haven't won so much as a penny.  
At the moment, we'd say that PB's aren't that good an idea but then there's always next week.
rhino

My mums best friend has got 30,000 worth and wins in the region of 3000 to 5000 on average a year so they work for her. More than that I cant say.
chicken feed

i have them too and over the years have had a good return. i have the winnings back in bonds too.
Normesby

I'll be honest I like the idea of them. I have a friend who also put 30k into them around 6 months ago after receiving a good redundancy package. He too has has a couple of wins, the best being 600. I guess his thoughts may be different in a year or two.

I like the idea of being able to withdraw your money without penalty.
Pilsbury

If you have 200 Tue chances,of winning are very slim but you still have a chance, I got 25 through this morning and Aaron won 25 in Tue first 3 months of getting his first 1000.
The numbers say your better off putting your money in an isa but if you have ever bought a lottery ticket then you might as well try bonds cos you get entered every single month and can still get your money back.
When I had 12,000 I won about 10 times a year, not loads but about 500 - 1000 in total and that's a far better return than a bank, I cashed in most of mine a few years ago but a monthly direct debit can be as little as 50, one off purchases are min 100.
sod

Here we have 'Bonus Bonds' first prize each month is $1000000. down to $20 we have some and get about 8% per year on them so far. Better than banks and Lotto we feel, our wins go back into more BBs.
sapphire

I had premium bonds bought for me as a child (many years ago) - about 10 worth, never won anything (yet)

Do they contact you if you win?
chicken feed

sapphire wrote:
I had premium bonds bought for me as a child (many years ago) - about 10 worth, never won anything (yet)

Do they contact you if you win?


yes they send you a cheque/new bonds (if you have elected to reinvest in bonds)

do they have your current address ?
gerryindevon

Re: Premium Bonds

Normesby wrote:
Pros v Cons ?
Anyone have them that could comment ?


It's the luck of the draw, I'm afraid. I've won nothing much - usually a couple of 25s since interest rates went south. My best year was, I think I recall, about 10 or 12 years ago when I had 3X500s plus the then usual 50s and 100s.
I started with 2000 and won 50 in each of the next 2 draws, which hooked me into them, and gradually built up to the max holding.
Pilsbury

sapphire wrote:
I had premium bonds bought for me as a child (many years ago) - about 10 worth, never won anything (yet)

Do they contact you if you win?


Yes if they have your current address, its always worth  checking they have it because the prizes never expire, they are kept until they are claimed.
bodger

Have a look at this old thread.

http://overthegate.myfreeforum.or....html&highlight=premium+bonds
Normesby

Thanks everyone for your helpful replies.
Canburne

Currently the highest 1 year fixed interest rate bonds pays out 2.15% on a minimum 25000 which provides a quaranteed return of 537.5 before tax.
Not very much is it?
sapphire

chicken feed wrote:
sapphire wrote:
I had premium bonds bought for me as a child (many years ago) - about 10 worth, never won anything (yet)

Do they contact you if you win?


yes they send you a cheque/new bonds (if you have elected to reinvest in bonds)

do they have your current address ?


Yes, they have got our current address - thanks for that CF & Pilsbury  

Been an informative thread this as didnt really know the ins & outs of bonds. We're now going to try & save up for some more & also for our 3 grandchildren.
Jakey

When I was born my grandad bought me a 10 premium bond.
It got lost for years, but eventually turned up whilst rooting around in the loft
I rang the NS&I helpline, quoted the PB number, and was surprised to be told that over the intervening years ERNIE had selected my number twice!
One payout of 75 and one of 600.
Don't know what that would equate to in terms of interest on 10 over 40 odd years, but it was a pleasant surprise.  
gerryindevon

Jakey wrote:
When I was born my grandad bought me a 10 premium bond.
It got lost for years, but eventually turned up whilst rooting around in the loft
I rang the NS&I helpline, quoted the PB number, and was surprised to be told that over the intervening years ERNIE had selected my number twice!
One payout of 75 and one of 600.
Don't know what that would equate to in terms of interest on 10 over 40 odd years, but it was a pleasant surprise.


Well done, Jakey. Maybe you should reinvest/buy more as you must be lucky with PBs.

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