Posted 28th Dec 2022
Anyone bought and sold premium bonds before?
Is it as simple process as it sounds?

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  1. Avatar
    I look at premium bonds like buying thousands of lottery tickets that never expire, each month if you win you gain and make more money, if you don't win you still have the lottery tickets for the following months draw and if you get bored then you can cash them in and get all your money back.
    Our household have quite a large amount and it's almost guaranteed we win every month, last month was good at £225 but some months only £50 and very occasionally zero but it's exciting not knowing if It'll ever be a big 5 or 6 figure number. (edited)
    I've had little luck - only winning (£20) once in the almost 30 years I have had them, my parents had worse luck and never actually had a win. You'd think with 24,000 to 1 odds I would fare batter, but sadly not. I must actually make arrangements to move it somewhere else.
    This also reminds me that my gran bought £200 for me on my 16th birthday - I have never checked those, don't know how I would now either as I don;t know where the paperwork is!
  2. Avatar
    Maybe worth reminding people they don't go in the first draw after you have bought them.
  3. Avatar
    Yeah it is. I buy them monthly through a bank transfer, and when I do need to sell some, normally the money takes a few days to come back, unless you're very close to a draw which can delay by a few days
    thank you.
    ever won anything?
  4. Avatar
    Super easy to both buy in and cash out.
    In the last year I have won way more than I would have ever got in interest if I had it sat in the highest of savings rates.
    Great thanks.
    website made it sound very straightforward so just wanted to confirm
  5. Avatar
    Great app as well for the Monthly draw
  6. Avatar
    My mum bought a load many many moons ago in the late 80's..Only ever won £50..
    It really depends what you call a 'load' if you're talking about tens of thousands of pounds she's either the most unlucky person around or she's not telling you the truth.
    If you take a look on money saving experts website luck calculator it gives a fair estimate of your chances and winning amounts.…or/
  7. Avatar
    Thank you all, just signed up and bought some.
    It does state that draw for me will be in Feb.
    Yes as previously mentioned you need to own the bonds for a full calendar month before they are entered into the draw so any bought between 1st December and 31st December will go into February's drawer.
  8. Avatar
    both myself and hubby have premium bonds but the winnings are poor and I am getting less than the interest I would have had on the money in a savings account. it is not much better than a bank account unless you happen to have more than average luck. (edited)
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    I won £20 after the first year and have never won since! I must actually do something as I would've earned more in interest at this point!
  10. Avatar
    Worth noting that the Premium bonds interest rate is going up to 3% from the January draw.
    I remember when it was 1% and I was sceptical as to how that could work out when it’s essentially a random draw. But after having them for a year my winnings were exactly 1%.
    Like another member said, it’s the hope each month of maybe winning one of the bigger prizes which makes them a more exciting investment (in my opinion).
    I had a £1200 win in the summer and that’s blown my expected winnings out the water so very I’m happy to keep my savings in there.
    If you need your money urgently then be aware it can take around 3 working days to receive in your bank account when selling bonds.
  11. Avatar
    Just started on mine again as a secret savings won£25 last time in 3 months and took the money out as needed it
    I have a strange feeling you'll win £125 in January.
  12. Avatar
    Yeah easy enough to buy, winnings can be paid direct to you bank or reinvested and getting your money out is a breeze but takes a few days.

    The only problem is winning a worthwhile amount!
  13. Avatar
    One point, I was having trouble with the Premium bonds website (it kept logging me out) they told me this was because I was using a Sim rather than wired/fibre broadband connection. I have no idea if this was BS but I do it a different way now which works. I dad used a Sim connection before but with a different router.
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