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Original poster

Premium bonds

39 replies

ImJustMadAboutSaffron · 29/07/2022 11:47

Anyone have any? Is it worth it? Tell me your stories - am thinking of buying some but not sure. Thanks!

OP posts:
sorryiasked · 29/07/2022 11:49

Yes I use them instead of a saving account. Tax free, and you have a chance of winning a million!
The interest on savings accounts is so low that I find premium bonds usually for out better.

Myneighboursnorlax · 29/07/2022 11:50

We have about £20,000 in premium bonds and tend to win around £25 every 2-3 months. Last month we won £75.

WhatTheWhoTheWhatThe · 29/07/2022 11:52

I have max holdings and tend to win each month usually between £25 and £75. Probably not the best investment but I need the money accessible over the next two years

MassiveSalad22 · 29/07/2022 11:53

We have 2x maxed out and some for each kid. We win £25 a few times each month. Not bad really.

Mushroo · 29/07/2022 11:54

I love them, it’s where I have the ‘emergency fund’ as it’s accessible. I usually win every couple of months and I have a lot less than the £50k max.

I also enjoy the daydreaming each month that I might win the million

barbrahunter · 29/07/2022 11:57

I have 15K and have never won a penny

Dougieowner · 29/07/2022 12:02

If you search you will find endless threads about them.
Like Marmite, some love them while others hate them (we LOVE them!).

Money is secure and you have (almost) instant access.
Interest isn't guaranteed but generally the more you have the more often you win and we have always been very pleased with our return. With full holdings (£50K each) we usually get about £125-150 per month and very occasionally a slightly larger win (£500 for instance) and of course we all hold out for one of the bigger prizes!
You can always find somewhere with a better rate of interest (with a lower holding, wins are less frequent) but it depends on how bothered you can be to search and how long you want to tie your money up for.

MorrisZapp · 29/07/2022 12:04

Safe, fun and exciting! Why wouldn't you?

user34632 · 29/07/2022 12:08

When we had £15,000 in we won afew times £25 here and there which was nice. However we took some out and had £8000 and never won a penny since.

Last year we needed some of the money quite urgently. They blocked us from taking it out and apparently decide they need to do some checks before they allowed us to withdraw the money. I was absolutely fuming and in a panic. It took 8 weeks of frantic calls, arguments and tweets to withdraw it. We never got a proper explanation as to why and I heard of other people having similar issues. When they finally agreed to withdraw it back to us we asked for it all. We also put in a complaint hoping for an explanation. Still didn't really get one just a letter of apology but said it was part of their processes.
My point being might be worth it but be careful if you think you will need to withdraw it/give yourself plenty of time. It's definitely not just like withdrawing from a bank.

MyDarlingClementine · 01/08/2022 07:44

I use them as a separate place to put my monthly saving toward car tax/insurance and some other bits and bobs

CaptainMyCaptain · 01/08/2022 07:47

I was advised by my Building Society to invest in Premium Bonds over 20 years ago when I had a lump sum. I have close to the maximum investment and win a modest amount (still waiting for the million every month and it gives a better return than an ISA.

Morechocmorechoc · 01/08/2022 07:51

Anyone know anyone who actually has won a million. Is it really real?!! Nobody seems to win anything decent.

oviraptor21 · 01/08/2022 07:57

I have some and up until recently it's been a good investment choice. You need to watch interest rates though, because if the prize payouts on premium bonds don't match the interest rate on an easy access savings account then they become a bad choice. You also need to have substantial holdings to reduce the lottery factor.

KangarooKenny · 01/08/2022 07:58

No, never won a penny in 50 years.

oviraptor21 · 01/08/2022 07:59

barbrahunter · 29/07/2022 11:57

I have 15K and have never won a penny

That's really bad luck. How long have you had them for?

familyissues12345 · 01/08/2022 07:59

We have max holdings each and usually win something most months - generally £25 but we have had a couple of £50/75

barbrahunter · 01/08/2022 08:17

To be fair I've only had them about 6 months @oviraptor21

backinthebox · 01/08/2022 08:24

@barbrahunter tbf your bonds don’t get put in the draw for the first 2 draws after purchase, so yours might only have had 3 draws to date. It’s sporadic, so you might get £100 one month, then nothing for a few months.

As others have said, if the average rate of return is better than you can get in an easy access savings account then it’s a good place to store your rainy day cash. However, they are not a great long term savings plan.

Mushroo · 01/08/2022 11:18

I’ve decided this month the 10k would be lovely to pay off my loan. Fingers crossed!

Damnloginpopup · 02/08/2022 05:22

I had six £25 wins this month. Thank you very much ERNIE 😀

Imtryingveryhard · 02/08/2022 06:27

We’ve had £225.00 this month on 4 x max. Not a great return but better than nothing.

AllThatFancyPaintsAsFair · 02/08/2022 06:33

Morechocmorechoc · 01/08/2022 07:51

Anyone know anyone who actually has won a million. Is it really real?!! Nobody seems to win anything decent.

I don't know anyone who has won a million but of course it's real. I don't know anyone who's won a lot on the national lottery either, us that real 😀

anotherbrewplease · 02/08/2022 06:39

@Imtryingveryhard

😀😅. Not very easily pleased but very wealthy.

That’s the average return and I’d say £225 is a lot better than nothing!

cptartapp · 02/08/2022 06:50

I once won £1000 with about £10k of holdings. Noticed someone with just £25 in since 1983 won £25k this month!!!

pinkpirlie · 02/08/2022 07:29

I have £650 for several years, never won anything.
With interest rates rising now I don't see myself increasing the holding as I can get 5% on £500pcm and that's about all the spare money I have.