Premium bonds

[bloomingheck1]

Hi all,

Please can someone explain premium bonds to me, i see them mentioned here all the time and I think I understand it's like a savings account but no interest but you can win prices - my main question is can I withdraw the money anytime and how long does it take to go back into your account?

Thank you

The maximum holding is £50,000. No interest but prze draw every month minimum prize £25 maximum £1 million.( not sure what the inbetween amounts are) easy to set up an online e account and you can withdraw any time. I believe you get your money back within days ( I haven't withdrawn any so can't say 100%)

It's very easy to get your money out by transferring it online.

I transferred some out on Wednesday and received it in my bank account today so 2 days.

You have to hold them a full calendar month before they go into the draw. So buy some today they go into the March draw. Easy to purchase and monitor online.

They're easy to set up on the NS&I website and it's government backed so secure. I'd say you need to have £10 or £15k in there to have any chance of winning semi-regularly but obviously it's complete luck of the draw so you never know. I think it's a good place for storing your emergency fund (we also have our home improvements fund in premium bonds.)

I've withdrawn a few times and always had the money back within 2 to 3 days so it's pretty quick.

I’ve been thinking of investing for a while. Thanks for this post OP 😁