New thread and I've been asked to give some basic info. Feel free to add stuff if I’ve missed anything out
Each bond is £1. You have to buy in minimum of £25 each time so means 25 chances to win.
Bonds have to be in for a clear month before going into the draw
If you want to cash bonds in then usually takes 3 days to go into your account
Winnings can be reinvested if holdings are under £50k
Or sent to named bank account if over /want winnings in bank account
More info here
https://www.moneyhelper.org.uk/en/savings/types-of-savings/premium-bonds
The best time to buy premium bonds is on the last day of the month, as this means they are only held by NSI for one month and one day, without being entered into the prize draw.
PB to me is the fun and thrill each month of what if I win big and a millionaire - to a day or two later being grateful if win £25😂
I have nowhere near the maximum and probably never will unless I win £50k + on pb
But only takes one £1 to win that million !!!
I love seeing the low holdings win high amounts
Maximum is £50k per person so some do have all for family- mum dad and 2 kids so £200k etx
Those on the thread are varying from few hundred /thousand - to 20/30k to full holdings of £50k x 2/3/4
Everyone is welcome to join in whether small or full holdings
One would expect if had full holdings of £50k to win something every month and think over the year to earn the same as if in a high interest account to win around £1860 in prizes
From google (august 2023) - The consistent winners are the 1.16 million people who have the maximum £50,000.
They hold almost half of all premium bonds and, at current odds of 21,000:1, can expect a monthly stream of tax-free prizes: two a month and three almost every other month, 28 or 29 a year totaling £1,860
From google (Jan 2024) Tho equally With Premium Bonds, for every person who wins £1 million, a lot of people have to win nothing. So the median average will always be lower than the mean average.
This means that, with average luck, most people will win less than the prize rate each year, regardless of how many bonds they hold
But many on here do have £50k and then consider moving it to an account that pays 5/6% if their bonds aren't doing very well as would then def get extra money
But remember savings /interest get taxed
PB and their winnings don't
So they do dither whether to pull out from pb and put in high interest account if not winning anything
If you have PB but not sure if you have ever won esp if moved about a lot
you can write to NS&I. Include these details in the letter:
Current name
Current address
Premium Bond holder number
All previous addresses where you might have registered bonds
Your signature
You can send your letter to:
NS&I,
Sunderland
SR43 2SB.
There are 3 apps afaik
Cream - prize checker and if won previous month will show a pic - which we all get excited over 😂😂😂
White - main one with info 😄😄😄
Blue - often doesn't work for me but those who reinvest their winnings say it shows if won the day before app shows 🙀🙀🙀
Should be noted that if you are lucky enough to have full holdings you won’t see anything in the blue app even if you have won as that only shows reinvested prizes.
Now this has been debated on MANY times but seems to be correct
When do we find out
Last day of working month - Millionaire knock /call
First day of working month - list showing all winners million to £1k winners - which I always put up for those who can't find it
Second working day of month - cream app showing all winnings
Hopefully I've covered everything
Good luck one and all 😄