PREMIUM BONDS - august onwards !!!

[Blondeshavemorefun]

Know other thread is near the end

So this is for when previous one is full

@neveragainagain - congratulations😁

I had a look at what returns ive had over the years and this year is by far the best, i assume its linked to the rise in interest

The most ive won in one go is £1050

2019 (£50,000 holding), £225 won 0.90% return
2020 (£50,000), £550 won 1.10%
2021 (£30,000), £375 won 1.25%
2022 (£12,000), £300 won 2.5%
2023 (£30,000), £1750 won 7.78%

4 months this year i never won anything

Surprised my winnings not in my bank yet.

Nor ours, usually just over a week.

Normally the 8th isn't it?

Can someone briefly explain this to me please it looks interesting
Rather than me wasting money on competitions

@Dolly567 basically you buy Premium Bonds from the government via the NS&I website, each Bond is worth £1 and you can buy a minimum of £5 worth of bonds and up to a maximum of £50,000 per person.

Instead of paying you interest each month, the Bond numbers are entered into a monthly prize draw where the prizes range from £25 up to £1,000,000. In September they paid out 5,782,602 prizes worth £470,559,225, though there were 121,434,640,104 eligible Bonds!

The odds of winning £25 in any given month are about 21,000-1 so as you can see the more Bonds you own the more likely you are to win something.

The additional benefit of Premium Bonds is that the prizes are tax-free so they make a lot of sense for high-rate tax payers who have maxed out their annual ISA allowance.

Thank you @CaveMum thats great, I am thinking of waiting until next payday to get a few more quid together, because of only being able to do one payment. I'm thinking of paying for it using my debit card as I'll put the money into our current account. And who knows, maybe I'll do better with the Oct PBs! Was dreadful this month absolutely zero.

@daisychain01 you can buy more than one Bond, it’s just that you can only buy them with one payment each. So if you’ve got £10,000 to invest but only have £2,000 now and £8,000 at a later date you can buy two Bonds of different amounts at different times. The only proviso is that the minimum investment per Bond is £500, there is no maximum number of Bonds you can hold.

I forgot about the draw until I had email ! I took 20k out last month as only had 1k wins in 12 months on full holding so put 20k in isa paying 7% would u believe it I won £5175 !!! Over the moon !!!

That's great news @Daftjon Congratulations 💐

That’s amazing congrats @Daftjon

Congratulations! Punishment selling might be a good strategy.

Wow @Daftjon

You are officially this months winner

Fab! Daft, but what a lovely surprise!

Brilliant news

@Daftjon what isa is that?

I've bought 2 bonds - one for £20k and one for a similar amount - with the interest for the year at 6.2% it would seem rude not to!

Still have kept around £10k in premium bonds but when I had full holdings was not getting anywhere near the full interest amount for the year despite winning a little something each month.

Don’t forget you will need to pay tax on at least half of that interest @littleblackcat27 . I am still debating whether to open one of these bonds due to the interest pushing me over the tax free limit. I think I would still be better off but need to do a bit more number crunching!

That’s amazing well done! Was that one £5k win or 5x £1k?

@Daftjon Congratulations! What ISA is 7% tell us!

Fantastic @Daftjon 😁

5k 100 50 and 25

6% sorry !! Fat fingers.

Bloody hell @Daftjon

Not jealous at all 🤔😂

I’ve tried to work out the interest rate of a bond with 6.2% interest after tax has been paid. At 20% tax I think it reduced the interest rate to about 4.5%.