PREMIUM BONDS AUGUST 2024

[Blondeshavemorefun]

New thread and I've been asked to give some basic info. Feel free to add stuff

PB have been about since 1957

Been 30yrs (April 2024) since a million was then the highest prize

nsandi-corporate.com/news-research/news/30-years-premium-bonds-ps1-million-jackpots#

Each bond is £1. You have to buy in minimum of £25 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

This means they will go into the next months draw without losing a month

Or sent to named bank account if over /want winnings in bank account

More info here

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 them hoping win thousands 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

We've seen over the years £100 win £100k and £50 win £25k

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

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 £1925 in prizes

If have £5k average luck is £175 winnings a year

Obviously some people have better 'luck' than others and some worse - Ie full holdings and not winning anything a month or two

PB odds calculator below

moneymarvel.co.uk/calculators/premium-bonds/

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 £1,925

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 2 apps afaik

Cream - prize checker and if won previous month will show a pic - which we all get excited over 😂😂😂

Blue - often doesn't work for me but those who reinvest their winnings say it shows if won the day before app shows 🙀🙀🙀

And to confuse things I have a White app that is a bookmark - which shows info/list 😄😄😄

Now this has been debated on MANY times but seems to be correct

When do we find out if going to get a visit from AM 😂

The two winners of 
the £1million prizes will be contacted by Agent Million (AM) 😂😂 the day before the first working day of the corresponding month.

There may however be 
exceptions to this, such as when the first working day of the month is a 
bank holiday, for example.

So

Day before first working day - 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

Day after first working day , including weekends - cream app showing all winnings

You can also check to see if have won via this link with your holders number

www.nsandi.com/prize-checker

Hopefully I've covered everything

Good luck one and all 😄

@leafybrew I took some more out yesterday, so down to about £1500 now. Did have £18000. My bank pays 7% on up to £4k so that was an obvious choice. I think if I could ever have full holdings it would be worth it. I'm going to have a think about where to put savings and might start investing in PBs again.

I have 5 x £1 bonds from the early 1960s which also haven't won anything. I'm keeping them for the sentimental value and historical interest and also because my parents, who must have struggled to scratch together the money to buy them for me, would kill me if they discovered I didn't still have them.

@KohlaParasaurus never cash them in then without saying done use these

I've had to make a big purchase so down to £5150, I plan to build them back up again.

Good morning all. Have seen this thread, and others in passing, and hope you can help with a strange thing that is PB related.

Got this letter this morning from NS&I . Never heard of this before, and while I am (always !) happy to have an extra £25.00 I was wondering if this has happened to anyone else. I don’t think I want to go to the effort of ringing up the award winning customer service team, though I am sure they are lovely people, to find out what actually happened, did this person have the same bond number, have my bonds been cloned, why did that bond get chosen to add to , why were they stripped of their prize, etc etc lots of questions, it all seems a bit random. Though I suppose random is what PBs are all about really!🙂

I haven’t bought any new bonds for years btw, so it is not a question of a bind number being recycled, if they do that.

@viques It's never happend to me, but I know it happens quite often.

It's as simple as they said in their letter. The original winner was not eligible to receive it. That could be for a number of reasons, fraud, more than a year since a bond holder has died etc. However, your letter is legitimate and your account is safe. Enjoy the extra £25

Ah thanks, I was worried it was some sort of elaborate scam that would lead me down a wormhole if I contacted them.

So the draw is next week, isn’t it? I really could do with even a small win of £25.

It could be that the bond won a higher value prize that same draw. They don't get the lower prize if they get the higher prize.

Next draw is 15 days away. 3rd September.

No, it isn’t. The 3rd is when all results are on the app.

Hi yes you can put the money in a premium bond account in your son's name and arrange that any prizes will be paid into your bank account as the responsible person. I have some PBs in my child's name and any prizes go into my bank account. What happens if the child wins a million I don't know, but it's very unlikely to happen.

However if you are withdrawing the money at the end of this year, be aware that you won't be in many draws. You need to put the money in for a full month before you are eligible for the draw that month. So you have already missed the august draw. Hopefully you could get it in before 1 sept for the sept draw.

And if you withdraw it midway through December you would also miss the December draw, you need to stay in for the full month to enter.

If you put it into a savings account you could earn interest every day it is in the account.

Thanks - that's a good point. It would be about 20k, so around 200 GBP

If I go for the PBs it would before the end of August. I think I could withdraw on the 3rd Jan, so that would be three draws.

I was thinking about my child's PB rather than taking mine to the maximum because if either of us were to win anything it would be reinvested for the very next draw (rather than needing to wait an extra month if it got transferred to a bank account first - if that makes sense!)

So for September

Still over a week

AM - sun 1 sept
LIST - mon 2 sept
APP - Tue 3 sept

Thanks @Blondeshavemorefun
Fingers crossed!

I’m sure that’s not the case. I win several prizes most months and the higher ones definitely don’t cancel out the lower ones.

But is that the same bond winning the prize?

Can the same bond be drawn more than once in each draw?

It’s my understanding that you can only win one prize per bond. So if it was drawn twice you would be rewarded the highest amount of the two. I read this years ago. Happy to be corrected if wrong.

Tho how would it be drawn twice

Do they winners go back into Ernie ?

The same bond number? Cos I went through the T&C and that was one of the reasons given

If its random I assume they use all numbers for each prize

Good point

I thinks that’s why some prizes are not always eligible and reallocated

It is it's in the t&c