PREMIUM BONDS - august onwards !!!

[Blondeshavemorefun]

Know other thread is near the end

So this is for when previous one is full

@mrsbyers
thats odd you’re getting different amounts. Sadly I tried your trick but still no luck. Thanks anyway and fingers crossed for next month!

£100 for me, don't know if DH has won anything yet. Happy with that.

@lemonyellows which account?

£150 for me (1x£100, 1x£50), £150 for DD (2x£50, 2x£25) and £100 (single prize) for DS this month, all on full holdings.

My husband won £1100 on FH, I’m in shock! I won £50 and DD nothing, again on full holdings. Wish it was going to go on something lovely but our house insurance is due in a few days for £800 and the July credit card needs paying.

£300 on FH. Largest win in 3 years of having FH.

DH got nothing on FH.

as an additional rate tax payer I can’t really benefit much from higher interest rates so I’ll likely leave it there

@WeAreBorg I opened accounts in DD and DS's names in June, both FH, however the majority of the cash belongs to DH. This is his inheritance which we were planning to use towards our house move however the move fell through 7 days beforehand and we wanted to stash the cash somewhere meantime. Both accounts were topped up to FH using money left to the DCs by MIL. I 'control' the accounts and plan to save a proportional amount of the winnings towards our future house move and the remainder goes into the DCs savings accounts.

£125 on FH. I have now surpassed my previous max yearly total (£625) and it is only August.

£50 for me on £14K,

nothing for daughter again on £4K so am now moving hers to a high rate savings account with YBS

(Thats a total of £475 for me since January so will be leaving mine in there).

@lemonyellows

It's not that simple.

That £166 is taxable at 40 percent for one of our holdings. A holding that's won tax free £875 in 8 months.

Another of our holdings has won tax free £25,625 in 8 months.

Our other family holdings are on tax free 2.6% and 2.9% and those currently feel its worth it given the fun, and chance, they have each month.

Holdings are also part of a selection of investing not the only one. They are individual personal choices and the background is different for everyone. For some it's a good, albeit not guaranteed, option.

Wow @byvirtue You are now this months winner

Yayyyyyyy fabulous!

My 3yo just won £100 with £122 holding! After selling a bunch of the kids clothes etc on vinted decided to start putting the proceeds into premium bonds for them..... winning bond was purchased June. Its been reinvested, dont need £100 of more paw patrol toys cluttering the house

Wow, that's amazing!

Thank you! That’s interesting re inheritance tax I would have assumed that putting in kids accounts avoided that. Is that the same with ISAs as well? Eek.

This is sort of what I was thinking, yes then move it when they’re 16.
They do have their own JISAs but I can’t touch those of course and that’s enough money for them to fritter away!

I've just had my 1st win after 4 months. On £1200 I won £100. V happy with that. I had £2400 (in holdings) last month and £3600 the month before but withdrew a big chunk. Wasn't expecting anything again.

Looks like we’re all agreed that using the kids accounts for a tax free stashing place is fine then - thank you this is really helpful! There have to be some perks to the vast expense of bringing up children 😂

£25 for me and £100 for DH both on fh

£100 on £20k. Just keeping up with interest rates in our running total so it will be staying in for at least another month.

What did you do with your winnings @Ohmylovejune

June won a big amount in June. Hence the user name 😂

£5 k has been given away in various amounts to family. £10k is waiting to be spent on a house repair we've been avoiding due to cost - currently waiting on quotes. £10k we are off to Japan in 2025.

@WeAreBorg

This is the UK of course. You can gift 3k a year (or 6k the first year you do it) for it to immediately fall out of your estate calculation for IHT.

Other gifts, although given away, still get added back to your estate for 7 years (fully for 3 years then reducing for the next 4). Would be the same if you gave them.money for an ISA too. Hopefully you are young enough for 7 years to be no issue at all.

You may also have an estate that's low enough it doesn't matter. It's one of the reasons lottery winners have to be careful with what gifts they give - they can of course but just to be aware IHT might be payable by their estate on them if something happens.

0 here. Congrats to winner s

@Ohmylovejune

When someone eg grandparents gift money over 3 grand, do you know where the inheritance tax comes out of?
I assume its their estates? Eg won't impact gc on gp death?