Reinvest potential winnings or paid into account?

[LadyLucksalot]

Hello,

First time dabbling in Premium Bonds and am totally inspired by some of the stories on here. Revved up and anticipating next month being lucky for me too!

Is it better to reinvest any winnings, or receive a nice big surprise in your bank account?

Trying to work out what would be the better way of doing this. Does the system know what you've chosen, and is it predisposed to favour those who have opted for automatic reinvestment?

I know this sounds like a ridiculous question, as the numbers are random, but is there any variance one way or the other?

Makes no difference to your chance of winning. If you want to build up your investment and don't need the winnings, just re-invest. It's very easy to withdraw if you then decide you want the funds, about 3 days to be in your bank account.

I think it does make a difference, because the more you reinvest the more bonds you have, which increases your chances of winning.

We always auto reinvested as we didn't need the money and it was an easy way to boost your holding, can't recall if that was the default or we had to select it. 🤔
Now we have both maxed out, our monthly winnings are just put into into our current acc.

It depends if you need the "interest" (ie winnings) or not - we don't so we leave them in to build the holding.

Also OP if you’ve bought bonds this month, they’ll be eligible in December, not next month.

I reinvested plus added more when I could until I reached the maximum.

However, it’s a matter for you. If you’d rather take the money each month rather than increase your chance of winning, that’s your choice. There’s no right or wrong answer.

Thank you. I think I'll give myself more odds and reinvest.

Just to note if you get the app , you can check your winnings on draw day rather than getting a ‘you’ve won’ email the next day or waiting for money to show up in your bank account a week later. Still a nice surprise but a bit earlier!

No need for the app, on the day of the draw you can just check against your holder number on the website.
Handy for us as I use a PC rather than a phone.

I don't think either offers a correct or better way, it's all down to personal preference.
If you set it to reinvest, then yes it will automatically reinvest it for you if you win. You can always set it to reinvest, and then if you later decide you want to take the winnings back out, just withdraw, it only takes like 3-5 working days.

I think if you auto reinvest then those bonds are entered into the very next draw. But if it's paid into your bank account, then you buy more bonds with it later then you have to wait a full month for it to be entered into the draw. So by reinvesting you effectively get an extra draw.

I think you might want to adjust your expectations on your winnings

DH and I get our winnings paid into our joint bank account. Despite having this money in savings, we don’t have a particularly high monthly income at the moment, so the extra cash comes in really handy. Obviously it’s not guaranteed income, but it’s a nice boost if it’s a good month.

However we have some bonds for our young kids that my mum set up for them. We just get the prizes reinvested for them

I've moved most of mine to an account with a better interest rate than the odd £25 a month was giving me