PREMIUM BONDS

[Blondeshavemorefun]

new thread for when other is fill

this will be for next draw for June 2022 - ans any winners from the the May draw (today)

We're another family that are waiting to see what happens in this next draw.
If it's a poor return, we'll withdraw a chunk from each account and put it in our Investec account - will still leave a chance at that elusive big win hopefully!
I do think PB's need to do something to keep investor interest - I think something like 2 x £250k prizes would be amazing in addition to the existing prizes.

I think I’ve if they haven’t matched the prize fund to my Marcus instant access savings (1.75%) by mid October I’ll be moving my full holding there or maybe another savings account.

Pay off your mortgage @BarbaraofSeville

then each month what you would pay monthly into pb

how much is your mortgage a month

YIPPEE everyone - breaking news- - prize fund is increasing from 1.4% to 2.2%!

Looking at the website looks like a lot more higher value prizes but less £25's

Yah and as getting to end of month I’m getting excited

thank god only 30 days in sept 😂

Well if it's going to be fewer £25 prizes I think this will really put off people with larger holdings. Because when you have the full holdings you can pretty much guarantee to win one or two of these smaller prizes each month (see the Premium bond probability calculator on the Martin Lewis site). So it feels more like interest. It's reliable.

So whilst it's good there will be more bigger prizes, the chances of getting those is obviously a lot lower. If I find i
I'm getting nothing month to month on my £47k I will obviously withdraw the money. Is that what they're aiming for and why?
Increase the number of bigger prizes yes, but don't reduce the number of £25 ones.

That's a massive jump!

I agree it seems crazy. I enjoy my pretty regular £25 prizes.

Well if it's going to be fewer £25 prizes

It's not, just more bigger ones. The changes will see the number of £5,000, £10,000, £25,000, £50,000 and £100,000 prizes almost double. There will also be 19 times as many £50 and £100 prizes paid out from October.

Oh so the numbers of £25 prizes stay the same? I was going by what another poster said a bit upthread.

That's fine then if you're correct. Personally I have never won anything other than £25 really. Even when I've won £50, £75 or £100 (my biggest ever), it is in fact multiples of £25 prizes I am getting. I think that's probably true for most bond holders?

This is the link I have been looking at.

www.nsandi.com/get-to-know-us/monthly-prize-allocation

So in October there will be fewer £25 than September but all the other prizes such as £50 and £100 looks to be a massive jump.

Thanks Rubbish Hmm maybe if it will be a lot more common to win £50 I might still win regularly and it'll be OK then?

I'll have to see what Martin Lewis says about it.

Will it start immediately?

The change in prizes in the link above are for the October draw next week.

Thanks @RubbishDay, I was going by the press release which didn't mention that!

Hmmm I think less £25 prizes makes it less attractive to many. It is the regular £25 that makes it worth investing.

Although the number of £25 prizes has gone down, from 4.7million to 3.4million, there has been an increase in all the other prizes.

For example, there are expected to be 728k £50 prizes in October, compared with 38k in September. And the same for £100 prizes. So that's a huge increase in the number of £59 and £100 prizes.

Altogether, there will be 4.96m prizes, compared with 4.86m in September - so 100,000 more prizes to be won.

And the total prize fund has increased from £138m to £218m!!

Got to be my lucky month soon, surely?...

Typical it's gone up so much the month after I withdrew £30k!!

19 times

wow

then I hope we all win something in October

wouidnt that be fab

Ooh, what a rollercoaster of a day. I was all set to pay off the mortgage next week and now I'm not so sure. PB payout rate of 2.2% is nearly as much as our mortgage interest rate of 2.6%. I might play the game for a little bit longer, until the next interest rate rise at least. Mortgage is just under £400 pm, for whoever asked.

Lets see what happens next week shall we? I'm not put off by slightly fewer £25 prizes, when the number of £50 and £100 prizes has increased meaning that there are actually more small prizes now, so slightly better odds of winning a prize, that could be £50 or £100 instead of £25.

@BarbaraofSeville I guess another way of looking at it is, if you pay off all your mortgage, you'd have £400 extra every month, which you'd be unlikely to win on the premium bonds every month. And which could be saved or invested or put back into PBs.

But for me it would also depend on whether I'd want the security blanket of having a chunk of instant-ish access cash, which of course you wouldn't have if you paid off the mortgage. Plus the (admittedly remote) chance of winning £1m.

It's a hard decision, I think!

Hurray! I was going to pay off 10% of the mortgage in Nov, but that’s at 1.99% so I have an excuse to leave it in PBs until the mortgage fixed rate ends next year. I just need to be disciplined and reinvest any winnings not spend them (obviously I’d spend the £1m when I win it though).

Pleased they’ve reacted so quickly with another tweak to the prize fund, so soon after the last increase - I imagine they were getting a mass exodus to Chase etc for the savings rates there.

This has convinced me to keep my emergency fund where it is for now!

Am crossing my fingers for something in October - been a fair few months now with no wins!!

It’s been such a long premium bonds month. Feels like those extra few days have really dragged it out.