PREMIUM BONDS AUGUST/SEPT 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 then 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 and £1 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/

Or this one is quite good as shows the interest rate of the winnings - obv anything over 5% is good as if in an account you wouid be taxed so be more like 3.75%)

www.candidmoney.com/calculators/national-savings-premium-bond-calculator

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

Seems the higher the winnings the earlier it shows and can be from 6pm the night before the 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 😄

Congratulations on your wins and so sorry you have lost your Mum.

Dh on fh won £150
Me on just over £10k nothing, again sigh

It was interesting seeing the wins by area as I thought my area (Wilts) didn't appear on the winners lists much, and I was right. We only have just over 510,000 people living in the county though which might explain it.

I won £650 on FH, and OH won £200 on FH. A very good month for us and apparently we are going to Amsterdam to spend it!

Quick question if anyone can advise please?

I’ve had to do two withdrawals in the last couple of months, pained me but had to cover moving costs and being between jobs.

Both of those came through on the 3rd day. Realised on Friday my bank fund were very low so withdrew again. Pretty sure in the morning. It stated in bank by 4th. Hadn’t appeared yesterday so logged into NS&I where it stated funds out on the 4th but still has not appeared in my bank. I’m down to a few pounds and have DDs going out in a couple of days.

Does anyone know of a way I can chase it up?

Also only realised today that they don’t email when a withdrawal is requested or completed which I find odd in these days of most everyone emailing for every little thing you might do on an account.

Normally takes 3 ish days but if you did before over weekend then prob be

Third day 6th so tomorrow

Thanks @Blondeshavemorefun

It’s been a heck of a week (several weeks!) and I should have thought about it way before I did on Friday 😔

Fingers crossed that it’s here before the 7th.

I'm on a FH, so my winnings will be paid into my account.

How long do prizes take to arrive in bank accounts? I'm planning to pay them into my children's PB accounts. Is there a way to do that automatically so that they get entered into the following month's draw?

@BondPremiumBond I released some this weekend and it stated will be in account by 7th

@BondPremiumBond mines actually just arrived

They can take a few days and up to a week. NS&I say by the 7th working day of the month. You'll have to move your prize money manually and those new bonds for your children won't be eligible next month - they'll be eligible in January as they have to be held for one month.

Thank you.

Mine arrived this morning 🙏

Late to this but nearly £70k across four accounts an NO PRIZES

Piss poor

£150 on FH. Nothing last month.

That is bad /rare

Do you usually win monthly

@Blondeshavemorefun do usually win but well
under the average

I need to work it out

I was grumpy about no prizes on £25k £70k is a shocker! Next month will be our month! I have £43k in the next draw

Could someone tell me how to work out my personal interest rate on my premium bonds? I've tried to look it up but struggling and maths isn't my strong point..

I know the -
time (months)
total amount
won amount

what do I times or divide etc?

Take your total prizes, divide it by the number of months and x by 12. Then divide that figure into your total holding and x 100.

So say £500 prizes in 6 months / 6 x 12 = £1000. Holdings £30,000 = 1000/30000 x 100 = 3.33% interest rate.

Thank you so much Sparklfairy

So my actual interest rate is only 2.77%.

That's really poor and I'm worried about the new lower rate NS&I are introducing in December. Not having a lot of luck from my premium bonds

Bank of England has just cut interest rates again so less in fresh savings accounts

Yep, I noticed my Chip Instant Access rate went down yesterday to a crappy rate of 3.75% so I moved my £4K savings to their ISA (4.58%). I wonder if the PB’s prize rate drop next month will mean more people moving to other providers.

How many bonds do you have? I've just checked and mine is 3.33% on FH (loving the coincidence as when I posted with how to calculate I just made up figures!!), but the same thing happened last year and then I won £1000 which hugely increased my average interest rate. Obviously that may not happen again... but it might

The problem is, if your ISA is full and you can't put anything else into the pension, there are no other tax free providers. All other providers are reducing rates too, so changing would have the same impact it always does.

If you're a higher rate tax payer, you need a pretty high interest rate to beat even a low rate on PB.

2.77 % is for FH. I'm not having much luck this year. Never won more than £300 and a few £0 months. I got on a lot better last year when it was my first year doing premium bonds but again not much better than now.