PREMIUM BONDS DEC INTO 2024

[Blondeshavemorefun]

New thread for when old is finished at nearing 1000

pleased to say I finally won £100 after nothing in oct and nov

here’s to a happy healthy and ideally WEALTHY 2024 for us all 😁

Who is 7% with?

Santander, fairly recently. It was on my offers page.

That Santander 7% is only on the first £4000.

Correct

Customers with £4,000 deposited in the account will typically earn £22.60 in interest every month. Balances over £4,000 do not earn any interes

I think savers are continuing to be screwed over.
We're told to save for old age but given no incentive.

The best savings accounts right now are paying about 5.1% for easy access or 5.4% for a notice account or 5.1% for a 6mth/9mth for a fixed term account.

Normally you get better rates the longer you lock money away for, so what these rates tell me is that providers are expecting rates to keep falling - they don't want to be paying any more interest than they have to - so longer term rates are being kept low.

We got Premium bonds as we had some inheritance sitting in our bank account not earning anything.
I'd seen the topic on here about it and we looked into it.
We liked that we can withdraw the money when we like with no penalty and the money is protected.
Being able to win something, maybe even something big is just a bonus.
I get that some people are wanting to invest their money so it works hard for them, and we may well end up doing that at some point, but I follow this topic for the thrill and excitement from everyone each month and then the general ah well, always next month when we aren't so lucky.

At the moment I have nearly £30k on premium bonds but no Isa.

Maxed out tax free interest on savings elsewhere

I'm a lower rate taxpayer DH is higher

Should I Be maxing out ISA before I do PB?

Wrote a long post and went look when added pic

If odds are still 21000 to 1 then surely still the same chance of winning

I get so confused with odds. So we are just as likely to win a prize but the prize will be less? Hence the reinstatement of more £25 prizes.

@boatgirl81 I don't know

But I've said before when I had 30k in bonds before drained ivf and extension I didn't win much.

Now I have a few thousand I won more

Last year I won 9/12mths

The chances of winning a prize are the same, but the total number of prizes worth £50 to £100K has gone down by 355,456 😒

Right, but my original point was about the size of a holding. £4k at 7% makes more sense. PBs are fun but I don't expect to win much unless I get to FH, hence mucking around with the eggsperiment etc

I just looked into that Santander account (Edge Saver). To open that account, you need to have a Santander current account, which they charge you £3 a month to use.

The monthly fee went out today and the direct debit credit / cash back went in £3 out and £12.50 in so it works out fine.
I wasn't recommending it anyway! In the context of small amounts to save my original post was that I didn't think PBs were worth more than a bit of fun. I didn't realise it would trigger such interest!

@OneFrenchEgg think it was huge huge 7% interest that interested people but only possible on £4k

Be interesting how your eggsperiment goes for feb 😂

@Blondeshavemorefun oh that makes sense. For me with not FH it makes sense to have £4k somewhere with a good rate.

I have the same Santander account @OneFrenchEgg, some bonds < 10k now and another HSBC account that pays 4% … didn’t want all my eggs in one basket after a very slow start with PBS!

@hopingforthemillion we are finance twins! Except my other 4. Something account is with Monzo.

@OneFrenchEgg 😅 here’s to us both having luck next week (none in January ☹️)

🤞yes that would be amazing

I have the Edge account and yes, I have a monthly fee but the cash back on my utility bills more than covers the monthly costs. Also I got interest ( not sure how much but not too shabby) on the money in the account up to £25k I think ( gone up from £20k). I did not bother with the savings account as I have more than £4k to invest after a year the interest rate drops.

I’m looking at two year fixed bonds which only allow a limited number of withdrawals (2 a month ones look good) and are offering just over 5% interest. It’s some inheritance from my Mum which is earmarked for some much needed home improvements so a two year bond will be fine to give me time to decide exactly what work to do.

I like my PBs for the fun of seeing if I’ve won anything and being able to withdraw instantly suits me in case I need emergency funds.

@slithytoveisascientist

I would do all 3, have some pb, more in stocks and shares isa and some in cash isa.

I also view pb as my emergency saving fund.

Is it Saturday 3rd Feb for the next results on the app?