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

[Reewu]

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

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.

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.

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.

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)

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!

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

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.

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

@itsnotabouthepasta ha that’s very lucky!

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

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).

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.

I haven't, but someone I know won 50K, 30 years ago.

Nope, I've never had a return better than my standard short term savings account.

My stocks and shares ISA however is awesome and (if you're a tedious bastard like me) great fun logging in at the end of the day to see the gains and losses. Risky though compared to other methods of saving.

When I got my inheritance I maxed out on premium bonds and most I've ever won is £200, some months nothing at all.

Yes. I recall one of us won £500 in that month and the other £100.

This month I won 3 bonds, £50,£50 and £500! I have never had £500 before, in Jan I only £25, other months usually £100-300 but also had 0.

We both have full holdings and win average of £500 month between us - no big ones yet

Check the Premium Bonds thread - a mumsnetter won £25k this month!

Tell a lie - it was £50k she won!
Thread here; there's a new one every month under Money Matters:
https://www.mumsnet.com/talk/money-matters/5066675-premium-bonds-may-2024?latest=1

I have a full holding, usually win most months, largest win was £250 I think

Completely depends on your mortgage interest rate; if it’s above 2% then pay it down.

I use PBs to park money once I’ve maxed out ISA allowance as dh and I pay tax on interest over £500 as higher rate taxpayers. This way I don’t need to worry about tax return etc.

Due to a mathematical / statistical phenomenon which I do not understand, you do stand to win more per investment the higher your holding.

I have full holding. Since the rate went up I have generally beaten the publicised interest rate. Once I won £1,400. Generally get £125, £175 or similar.

DP has full holdings and got a £10k prize last year.

DH and I each held the full holding for a year and never won big.

Dh and I both used to have £50K in premium bonds for a few years. It was money for a house deposit that we had all ready to go and then the sellers pulled out just before exchange and we just wanted to put it in something where it was easy to withdraw again as we were still trying to buy. Most either of us ever won was £100! One or both of us would usually win every month, but it was like £25-75. £100 was as exciting as it got.