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Seriously considering putting ALL our savings in premium bonds. Anyone else done this?

(22 Posts)
littlelapin Mon 13-Oct-08 10:03:48

Message withdrawn at poster's request.

Tortington Mon 13-Oct-08 10:05:52

here says not

LadyMuck Mon 13-Oct-08 10:05:59

Have you read Martin Lewis on the subject?

I think that there is a win calculator on the site too.

NoBiggy Mon 13-Oct-08 10:06:14

A win is 22,000 to 1 (I think I read that in an ad last week).

I have £5000 in premium bonds, and have had a fair few winners, nothing bigger than £50 at a time.

I'll watch this thread, because I was thinking it might be a good place to "hide" some money, and a chance of a lucky letter from Glasgow too.

littlelapin Mon 13-Oct-08 10:07:58

Message withdrawn at poster's request.

MrsMattie Mon 13-Oct-08 10:08:25

They're a waste of time, imo.

littlelapin Mon 13-Oct-08 10:09:07

Message withdrawn at poster's request.

symptomchecker Mon 13-Oct-08 10:12:03

well my Dad had (still has although he passed away in July so can only be held for the year) over 19,000.00 in premium bonds.apart from this month and April of this year,he has won twice or three times each month (50s and 100s)smile

littlelapin Mon 13-Oct-08 10:13:32

Message withdrawn at poster's request.

Jackstini Mon 13-Oct-08 10:15:35

I have averaged about 3.5% return on mine over 3 years, my Dad has the maximum and has been luckier - about 7% return. Will keep my fingers crossed you win big (and me too of course!) grin

MrsMattie Mon 13-Oct-08 10:21:21

Your chances of a win are minimal

See here

HauntedHouseMate Mon 13-Oct-08 10:22:06

Dh and I both have the max amount allowed in Premium Bonds.

We win every month - at least £100 each.

We have had them since Aug 2006 and opened a normal bank account to put the 'winnings' in (as we could not pile them back into further bonds). That account now stands at £6100 (give or take interest).

So a return of approx 10% - not too shabby!

We also bought some for DSD (feeling guilty as she doesnt have CTF). We opened it with 1K, put in £50 per month and put back in any winnings. She has won twice, £100 and £50 in the same amount of time. Obv the more you can invest the better the return is - much better than a bank if you have a lot to invest, but frankly even with a smaller amount I think it is worth it.



MrsMattie Mon 13-Oct-08 10:23:08

You win every month? You are very, very lucky. That is extremely rare.

littlelapin Mon 13-Oct-08 10:23:48

Message withdrawn at poster's request.

HauntedHouseMate Mon 13-Oct-08 10:24:07

Mrs Mattie - but that article is by Martin Lewis - the guy that as late as last Monday was still telling people to invest in IceSave!!!!

jimjamshaslefttheyurt Mon 13-Oct-08 10:25:42

I've had about between 5 and 9 grand in for the last 6 months (from tax credits overpayment - wanted to put it somewhere safe) and have won 2 lots of £50.

MrsMattie Mon 13-Oct-08 10:29:08

Well, make your own judgements. I'm just offering my opinion. I wouldn't bother.

jimjamshaslefttheyurt Mon 13-Oct-08 10:35:59

My Mum had a patient who had the max amount invested. One month she didn't win and was most put out. I think it's is fairly normal to win something most months if you have the max.

DaisySteiner Mon 13-Oct-08 11:12:06

Hmm, but that 10% gain is over two and half years so similar to (if not less than) a high interest savings account over the same period of time.

HauntedHouseMate Mon 13-Oct-08 11:42:47

Daisy, yes definately (mind you its 2 yrs actually, they dont go to the draw until the next month after you first invest, so the first draw would have been Sep 06) - however there is also the chance of winning BIG that makes it more fun! We could put it in a bank, but where is the fun in that - plus interest rates change so often in a way this feels like a more regular income smile

Mrs Mattie, sorry, wasn't dissing you smile. Believe it or not it's actually rare not to win every month if you have the max amount invested - and I assumed LL would be investing that kind of amount.

prettybird Tue 14-Oct-08 12:07:44

We have three lots of £20+k (dh, ds and me). They were bought at a time the stock makret wasa bit flaky with the intetnition of being flexilbe and being able to get at them easily - and we never got round to moving them.

Initially £20k was the maximum, but once they lifted it to £30k we started re-investing: it means that any winnings go stright into the next draw, instead of having to wait a month.

Not sure how much we have now but we avergae £2-300 a month, which woorks out at a reasonable tax free return - but not specatacular by any means. It's usually a combination of £50 or £100 - never won anything larger.

Last month was the first month we didn't win anything acorss all three accounts. Hopefully next month we'll get a bounce back! grin

onlyjoking9329 Tue 14-Oct-08 12:13:09

i have the maximum bonds and win most months, i had 6 wins one month grin i only ever win the £50 and £100 but it is nice checking online each month to see if you have won, steve had some bonds and he didn't win much at all.

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