Premium Bonds - any good?! - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HotUKDeals, you accept our cookie and privacy policy.
Get the HotUKDeals app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Premium Bonds - any good?!

£0.00 @
I've got some money, and my options are a 2%(ish) ISA or Premium Bonds. Anything I should be aware of in regard to premium bonds? If I need to withdraw the money for some reason, does it take long? …
emhaslam Avatar
5y, 11m agoPosted 5 years, 11 months ago
I've got some money, and my options are a 2%(ish) ISA or Premium Bonds. Anything I should be aware of in regard to premium bonds? If I need to withdraw the money for some reason, does it take long?

Thanks,
Ed
emhaslam Avatar
5y, 11m agoPosted 5 years, 11 months ago
Options

All Comments

(24) Jump to unreadPost a comment
Comments/page:
#1
They changed the system for cashing in at the start of the year. If you want to do it online now, you have to send them a form in the post (from their website). I don't know how their working now, but back in late Feb they were 4 to 5 weeks behind processing the forms.

Other than that, no problem. I made 7.5% out of mine last year, better than the bank!

Edited By: steve1221 on Apr 04, 2011 16:09
banned#3
Premium Bonds all the way. About 5% for me last year, but year before was about 15%.

And you might be that lucky million pound winner!
#4
steve1221
They changed the system for cashing in at the start of the year. If you want to do it online now, you have to send them a form in the post (from their website). I don't know how their working now, but back in late Fen they were 4 to 5 weeks behind processing the forms.

Other than that, no problem. I made 7.5% out of mine last year, better than the bank!
In March NS&I told me its now 6 to 8 weeks
#5
graham gill
steve1221
They changed the system for cashing in at the start of the year. If you want to do it online now, you have to send them a form in the post (from their website). I don't know how their working now, but back in late Fen they were 4 to 5 weeks behind processing the forms.

Other than that, no problem. I made 7.5% out of mine last year, better than the bank!

In March NS&I told me its now 6 to 8 weeks



Of course... being a government dept the wait will obviously get longer, not shorter !
#6
If you can only find 2% ISA you need to look harder!! Thats a rubbish rate!!

Depends if you want a guaranteed return (ISA) or the risk of an unpredicatable return, that could vary from nothing to £1m
banned#7
richardcotton
If you can only find 2% ISA you need to look harder!! Thats a rubbish rate!!

Depends if you want a guaranteed return (ISA) or the risk of an unpredicatable return, that could vary from nothing to £1m


£1m return on an ISA..... wow! (Sorry, misread post)

Edited By: JonnyTwoToes on Apr 04, 2011 18:45: error
#8
I've had an average of 0% in the past couple of years on my Premium Bonds. If you are going to open an ISA you have to do it tomorrow in a branch to get this year's allowance. Santander are offering 3.3% till tomorrow.
banned#9
shibi din
I've had an average of 0% in the past couple of years on my Premium Bonds. If you are going to open an ISA you have to do it tomorrow in a branch to get this year's allowance. Santander are offering 3.3% till tomorrow.


If it's not a personal question, how many have you got?
1 Like #10
JonnyTwoToes
richardcotton
If you can only find 2% ISA you need to look harder!! Thats a rubbish rate!!

Depends if you want a guaranteed return (ISA) or the risk of an unpredicatable return, that could vary from nothing to £1m

£1m return on an ISA..... wow!

He didn't say £1m return on an ISA. :|
#11
JonnyTwoToes
shibi din
I've had an average of 0% in the past couple of years on my Premium Bonds. If you are going to open an ISA you have to do it tomorrow in a branch to get this year's allowance. Santander are offering 3.3% till tomorrow.

If it's not a personal question, how many have you got?

I've got about £13,000 at the moment. I haven't been to check right now but I think in the past couple of years I've had one £25 win (not worth switching the calculator on to see what percentage that works out at!!). When I had around £20,000 I only used to win a couple of times a year.
banned#12
shibi din
JonnyTwoToes
shibi din
I've had an average of 0% in the past couple of years on my Premium Bonds. If you are going to open an ISA you have to do it tomorrow in a branch to get this year's allowance. Santander are offering 3.3% till tomorrow.


If it's not a personal question, how many have you got?


I've got about £13,000 at the moment. I haven't been to check right now but I think in the past couple of years I've had one £25 win (not worth switching the calculator on to see what percentage that works out at!!). When I had around £20,000 I only used to win a couple of times a year.


They've just changed the site - you can now check for all unclaimed prizes just from your holder number. £13,000 and now wins in a year is hard luck.
1 Like #13
JonnyTwoToes
shibi din
JonnyTwoToes
shibi din
I've had an average of 0% in the past couple of years on my Premium Bonds. If you are going to open an ISA you have to do it tomorrow in a branch to get this year's allowance. Santander are offering 3.3% till tomorrow.

If it's not a personal question, how many have you got?

I've got about £13,000 at the moment. I haven't been to check right now but I think in the past couple of years I've had one £25 win (not worth switching the calculator on to see what percentage that works out at!!). When I had around £20,000 I only used to win a couple of times a year.

They've just changed the site - you can now check for all unclaimed prizes just from your holder number. £13,000 and now wins in a year is hard luck.

Thanks. I know I definitely don't have any unclaimed prizes as mine are automatically reinvested, and I receive a certificate through the post telling me that's the case. Yes, it is damn bad luck but I don't want to get rid as you never know if that £1M is just round the corner ............. :3
#14
richardcotton
If you can only find 2% ISA you need to look harder!! Thats a rubbish rate!!


That is just with Natwest. If I went with them I could invest more as I could instantly switch money into my current account if I needed to in an emergency. Either 2% with more money, or higher percent with less money (but I'd rather keep everything at natwest where my student current account is).
#15
shibi din
JonnyTwoToes
shibi din
I've had an average of 0% in the past couple of years on my Premium Bonds. If you are going to open an ISA you have to do it tomorrow in a branch to get this year's allowance. Santander are offering 3.3% till tomorrow.


If it's not a personal question, how many have you got?


I've got about £13,000 at the moment. I haven't been to check right now but I think in the past couple of years I've had one £25 win (not worth switching the calculator on to see what percentage that works out at!!). When I had around £20,000 I only used to win a couple of times a year.


Doesn't bode too well for me then. I've only got around £3,000ish to play with...
#16
Ive cashed in bonds, easy and didnt takke long, printed the forms of myself and posted them off, think i got the money back within a week

Edited By: loupomm on Apr 04, 2011 22:22
banned#17
generally a really bad investment but you might get lucky
banned#18
loupomm
Ive cashed in bonds, easy and didnt takke long, printed the forms of myself and posted them off, think i got the money back within a week

not any more you wont. Takes 4-6 weeks.
#19
I have premium bonds and have won once in 8 yrs, but then again I dont have a massive amount in them.
My children also have some too. We were putting their money into the Government accounts previously, realised 1 of my daughters account even though had £1200 put in, only gained £600 of that due to the way the shares fell.
So all their money go into Premium bonds now where they have a chance of winning big, but at least they will not lose any money.
#20
point to note about ISA is that they entice you with a big int rate but after the first year you get next to nothing in interest.

Edited By: Joey Bloggsy on Apr 05, 2011 17:47
banned#21
Bear in mind there is a 30 grand limit on premium bonds.

Joey - most people I know move banks each year for their ISA
#22
bykergrove


Joey - most people I know move banks each year for their ISA


Yes your right but apparently there's loads more that don't , just highlighting it :)
#23
premium bonds in general offer a very poor return

however people see them as a "safety net" and are enticed by the million pound prize

fair enough
#24
Ive got a few grand of premium bonds and only seem to win when I buy more lol

Most of the bigger prizes seem to goto those with blocks of 5k. The odd smaller holding slips through but thats just my observation.

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Looking for Twitter login?
Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!