Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask if you have the full holding in premium bonds, have you ever won anything big?

37 replies

Reewu · 08/05/2024 13:58

That’s it really… not sure whether to pay into premium bonds or pay off mortgage!

OP posts:
MartinsSpareCalculator · 08/05/2024 14:13

Statistically the chance of winning anything is very low. The chance of winning one of the bigger prizes is miniscule. There's been lots of pieces done on it and I'd advise reading those rather than taking individual experiences as representative of the scheme.

Fwiw I think they're useful to have, and I have bonds myself, but not for prizes.

Whywhwhy · 08/05/2024 14:12

We both have full holdings for 5+ years. Usually win between 50 and 500 between us each month. I won 10k last year, but nothing else big ever (have had some for around 20 years).

itsnotabouthepasta · 08/05/2024 14:12

I know, mad isn't it?!

Ultimately, only you can decide what to do. It depends on your mortgage rate and how much balance you have, and how long left of your mortgage term.

As I say, at the moment, I'm on a 1.28% rate so I would be silly to put my holdings towards the mortgage. But, when we come to renew in 2 years time, I might feel very different

Original poster
Reewu · 08/05/2024 14:10

@itsnotabouthepasta ha that’s very lucky!

OP posts:
Original poster
Reewu · 08/05/2024 14:10

VickyEadieofThigh · 08/05/2024 14:04

Partner and I each have the full £50K holding. Most we've ever won in a month was £600 in total, though we win at least £100 - and usually more - every month.

@VickyEadieofThigh do you mean you each hold 50k and across both you won 600?

OP posts:
Soigneur · 08/05/2024 14:07

Never. We have three full holdings and have averaged £600-ish per month in winnings so far this year, which is a little over the expectation value. I would always prioritise paying off mortgage first.

Haydenn · 08/05/2024 14:06

Ive had the full holding for several years and have never won big. Didn’t get anything at all last month and am considering moving the money elsewhere, I usually only get £50 or £100 each month and think the money could be working harder elsewhere. I’ve never had more than £150 in a month

itsnotabouthepasta · 08/05/2024 14:05

There was one lucky sod this month though who I think bought a £100 holding in March 2024, and it paid out £10k in May 2024! Lucky bastard!

itsnotabouthepasta · 08/05/2024 14:04

I've held the full holding for about 2 years now, thanks to an inheritance. I generally get about £200 a month in wins - the most I've ever had was £350.

I use my "wins" to buy the stuff that I wouldn't buy otherwise, so things like tickets to a show that I wanted to go to, or I'm now saving up for a new sewing machine.

But it depends on what your mortgage rate is. I locked in at 1.28% back in 2021 for 5 years, so it makes no sense at all for me to use my savings to pay off my mortgage. But if you're on a 5% interest rate, then absolutely use 50k to reduce your mortgage balance because 5% of a £200k mortgage is a hell of a lot less than 5% of a £250k mortgage (or whatever your balance is)

Vroomfondleswaistcoat · 08/05/2024 14:04

When I had the money for my house (inheritance) I put the max into Premium Bonds for a year. Won no more than the odd £100 and £25. Nothing big. It WAS only for a year though.

VickyEadieofThigh · 08/05/2024 14:04

Partner and I each have the full £50K holding. Most we've ever won in a month was £600 in total, though we win at least £100 - and usually more - every month.

pbdr · 08/05/2024 14:01

The prize fund rate is 4.65%, so if your mortgage rate is higher than that then on average you would expect to be better off overpaying the mortgage, although of course the downside to that is that you no longer have access to the money if you need it. I've always held at least £25k, often the full £50k and I've never won big.