Premium Bonds

[MissTerious2]

I'm advised that if we invest a decent large lump sum in premium Bonds than we should most likely get wins. How much would need to be invested? We've got a few already and never had any wins.

We don't want to invest any more in Bonds, business Isas etc.

This would be to transfer some savings which have mounted up in a bank savings account.

And can you cash in premium Bonds without paying a fee and quickly?

[Prudie]

I'll be interested in this. I have about £1000 and win £25 about once every 4 years. Both my parents had the maximum each and won every month, only ever £25 or £50 though but often 2 or 3 a month.

[barry1010]

Yes you can cash them in quickly, no fees.
Both my wife and i have maximum bonds and we both win 11 months out of 12, although that is occasionally only £25

[professorplum13]

Max is £50k
You can get your money out in 3 days i think with no penalties.
With 50k invested , you'll almost certainly get something each month....the best I've had recently was £275...usually its 25 or 50 or 75

[ToraToraTora]

you need about £20k to win more or less every month.

[MissTerious2]

We definitely won't be investing over £15,000. Got some expenses coming up soon, so want to keep some instantly available.

[Fibonacci]

Useful information can be found on Money Saving Expert includes a "Premium Bond Calculator"
https://www.moneysavingexpert.com/savings/premium-bonds-calculator/

[ToraToraTora]

you can get the dosh back in a day or two.

[MissTerious2]

Oh perhaps then £20,000 Tora!! Thanks.

[MissTerious2]

Thanks for that Fibo. Unfortunately the ca,culstors aren't working at present.

[teacher1]

My 4 bonds are from 1958 ....... still waiting for my first win ! lol

[Vagus]

We have the maximum, £50,000, and have won more each year than if we’d have invested the same amount somewhere else. The winnings are also tax free which, if you pay 40% tax, is another good reason to have them.
And of course, there’s always the chance of winning the big one!

[ToraToraTora]

I'm on 2.6% over the last year.

[MissTerious2]

Teachers1, I was much the same. But about 10 years shoved £350 in. So now got £357. Still nothing, I just found £500 with sent to my son when he was born. He's 40 next month! And in with those very first bonds I found a ten shilling note!

[MissTerious2]

That's better than the 1.42% the bank are giving Tora

[Fibonacci]

Calculator appears to be working ok?
https://www.moneysavingexpert.com/savings/premium-bonds-calculator/

[davebro]

//I'm on 2.6% over the last year.//

That's probably about average.
The overall rate of return is currently 3.30% but it has been increased in couple of times in the past 12 months. Not everyone get's 3.3% - depends on your luck.

[davebro]

//That's better than the 1.42% the bank are giving Tora//

Banks are giving 3.5% for easy access savings or 4% for fixed terms - 12 months or longer.

[ToraToraTora]

missT "That's better than the 1.42% the bank are giving Tora " - yes it's a good way of saving, virtually instant access, better than a deposit and you have an outside chance of a big win. A lot of financial experts advise against it but I think it's pretty good.

[Fibonacci]

Overall Premium Bonds are best summed up by Dirty Harry - " Are you feeling lucky punk?"

[MissTerious2]

Hi Vagus. Most of our dosh is tied up elsewhere and giving us good monthly returns, but is was your post this morning that made me think. The bank money mounted up because we were considering moving quite quickly, before I was ill. Now we are not.