PREMIUM BONDS - august onwards !!!

[Blondeshavemorefun]

Know other thread is near the end

So this is for when previous one is full

You need to cash them in or transfer them to a surviving relative within 12 months or they will just retain the funds and pull from the draws

@mrsbyers

Yes, Dad got probate and then left them in until the 12 months date and then applied for them to pay them to.him as the executor and beneficiary. There was only £12.

Trying to decide what to do right now as have FH but the amount I’m winning is well below current interest rates. I saw they had upped prizes recently (from September?) but had nothing in July and only £225 total the last 6 months which on £50,000 is awful.

Then I think by the law of averages I must be due a bigger win soon and would I be stupid taking it out now.

For those who have taken it out, when did you reach that enough is enough point?

On FH what should you win to statistically match interest rates, has anyone worked it out?

@CrispyBits I reached that point at the beginning of this month! Like you, I seem to have rubbish luck. I had 'won' £700 on FH over the past 12m - so equivalent to 1.4% return, well below the average. I've now shifted it all into a 1yr 6.06% fixed account that gives me a monthly return of £252 (better than any amount I've won in any month while it was in PB!). However I'm a low earner so don't have to pay tax on that interest. If you're a taxpayer, the amount of tax-free interest you can earn on savings is capped (see www.gov.uk/apply-tax-free-interest-on-savings) so you need to take that into account.

Who is that account with @Chuffles if you don’t mind me asking?

@JayAlfredPrufrock Rates are changing all the time. It was with Smartsave but they've now dropped it to 6.03%. Beehive Money are now offering 6.1% though, according to MSE.

Thanks.

Seem a long month. Another 2w yet till the excitement

We are about to top up our holdings. When is the best time to do this? thanks

https://www.moneysavingexpert.com/savings/premium-bonds/

With full holdings, the average winnings over a year is £1,600.

Anytime between now and the penultimate day of the month will mean your new bonds have their first draw in October

I got overzealous last month and put in an extra 500...then had to take 300 out for an unplanned expense. Need to leave a bit more in my current account I guess. Does this mean NS&I will take pity on me and send a big win in Sept?

My prize checker app is still saying somethings gone wrong. I haven't won anything I know, as no emails. Is everyone else's working?

My apps are fine @Okki. Have you checked whether yours need to be updated?

Yes I've checked thanks - there are none. I'm on android if that makes a difference. I guess I'll have to reinstall it. Hey ho.

My child and I both have a small number of bonds so I'm not expecting to win but... what if we did? If my child won a million (just imagine!) can that money be split between us so that I can do exciting things like pay off the mortgage, or does it only belong to the child? My brain can't compute having that much in savings. I'd just planned to reinvest any winnings into more bonds.

This month seems SO long! Maybe as it’s also the school holidays-I need a big win with the amount of food my kids are eating…

It belongs to your child and you have to act on their behalf in their interest. They could potentially sue you when older if you don't act in their best interest.

Thanks. Well I suppose paying off the mortgage is in their best interest as they'll inherit the house anyway!

There's no guarantees of any inheritance though, the state could take it or you leave it to the donkey sanctuary etc. I don't have premium bonds for my children for this reason - if one won big and the other didn't, could I share it? One would volunteer to share with his sibling, but I don't think the other would! (Though I might be surprised). Unless you're already at full holdings, better to keep it all in your name imo.

I wondered this. Do you think they take age into account regarding big winnings?
My daughter has over 3K invested but is only 3 (almost 4). Surely it would be tricky if she won 1M? Like a pp said, how do I invest/keep that value of money safe until she is 18? I mean the chances are slim but what if?
Do you think they keep the big winnings for over 18s or has anyone got experience of their child winning a big sum?

They offer advice if you win I think.

Parents can decide what to do with the winnings if under 16

And the chances of winning a prize depend on how much money is saved; for a 99.9% chance of winning a prize over the course of a year, you need to have at least £10,000 invested.

Thanks @Chuffles Im still not sure what to do and will give it until September now. Forever holding out hope!

@Blondeshavemorefun thanks for the info! Very interesting!
I wonder if those 3 children are old enough to know they've won £1M!? How lucky!