Premium bonds

[ImJustMadAboutSaffron]

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

I put an inheritance in a year ago, (the max 50k) which I will be using to move in a couple of years but don’t actually need at the moment. I have so far won £500. This is a better return than the bank currently and because it’s tied up albeit temporarily I’m not tempted to spend it. And of course I can always dream of wining the jackpot. I notice a poster asked if anyone knows someone who actually won the jackpot. A neighbour of mine in the 70’s did. They were able to retire early.

I am afraid that with a holding of only £650 the chances of a win are very slim, it is only when you get into the higher holdings that you start to win on a regular basis and of course a win (regardless of your holding) is not guaranteed.
I know Martin Lewis is not a fan of PB,s but I think you will find that many Mumsnet members are.
Likewise my workmates, almost everyone holds them (most of those who are mortgage free holding high / max amounts) and at the beginning of the month we all chat about what we have (or haven't) won.
It's about the only way of saving that is a bit of fun.

Can I ask where you’re getting 5% per month? I haven’t seen any regular savers or similar paying that amount.

Thanks 😊

@buzzing Yorkshire Building Society are offering 5% but it’s only for existing customers

Ah, shame. I’ve not forgiven YVS for mucking me around with a mortgage years ago so no account with them 😂

My DH and I have maximum holdings and have done well up until recent months when we’ve hardly won anything. Tesco do a 2 year bond and looking recently they are offering 3% so I may put some money there if I don’t win next month.

We had £150k in there for 2 years and averaged 1% return. It was a short term holding had we known it would be in there 2 years we’d have put it elsewhere for a better rate of return.

Saying that i put all my daughters money in there at the end of last year and this year on £12k she has won £25!

Sorry to be ignorant but when people say they have max holdings what does that mean?

I have about £7,000 worth and have had a good year ... £125 won so far. At least I think that's good!

A few years ago I had £175 of bonds and literally won every month, think I ended up with £225 in winnings before I had to cash them in. For a while between me and oh we had about 8k, only won £25.

The max holdings for each person is 50k

So me and and DP have had an experiment going with premium bonds over the past year and a half. He has £50k, I have £45k.

DP has miraculously won £1050 over the course of this period so far... I've won £125. The in-laws have had £50k EACH for years and they reckon they win an average ot £200-300ish each a year. Biggest prize they've won was £1000 about 12 years ago. Personally don't think it's worth it and considering taking mine out and putting it into a savings account as the interest rates have improved SLIGHTLY recently.

That is just the luck of the draw but does seem unfortunate.
We both have max holdings and can't remember when either of us received under £100 in a single month.
It has happened of course but not often.

£1200 on £50K is over twice the average rate of return. You've been very lucky.

I'm so excited! After reading this thread a bit ago I started putting any spare cash or bonuses into bonds, just had my first win £25. I only have £2,200 of bonds so far so I'm thrilled!
Thanks for inspiring me to start investing