Premium Bonds

[Stormo]

just read an article about premium bonds and that they are reducing how much you need to pay.
I need to start saving properly in the new year, what are people’s thoughts on these? With the interest rates so low I’m unsure what to do with some coin.

 

[Wicksy]

Me mam has 50k worth - very rare that she doesn't win something each month

 

[viccarlton]

I used to have some up until about five years ago, no interest but your money is safe and you have the chance of winning a prize each month, I won a few small amounts but nothing major, the more you have the bigger your chance of winning (obviously) I only had a four figure amount with them.

 

[Stormo]

Me mam has 50k worth - very rare that she doesn't win something each month

50k!!! I wasn’t thinking like a £100,

 

[offmenut]

Me mam has 50k worth - very rare that she doesn't win something each month

But in 10 years time , 50k of premium bonds are just worth 50k aren't they? So they reduce each year in real terms with inflation

 

[Wicksy]

50k!!! I wasn’t thinking like a £100,

You'll win feck all in that case

But in 10 years time , 50k of premium bonds are just worth 50k aren't they? So they reduce each year in real terms with inflation

True - but she has as much chance as anyone of winning a million quid in the meantime

 

[Boz33]

But in 10 years time , 50k of premium bonds are just worth 50k aren't they? So they reduce each year in real terms with inflation

I suppose the hope is that you win more than the depreciation. Me dads still got a load, but it's pretty much an old mans thing having them nowadays I guess and was a quick way of saving and not have the instant option of getting the money back in the day with a chance of winning the jackpot

 

[Wicksy]

I suppose the hope is that you win more than the depreciation. Me dads still got a load, but it's pretty much an old mans thing having them nowadays I guess and was a quick way of saving and not have the instant option of getting the money back in the day with a chance of winning the jackpot

Me mam is 91 - highlight of her month is checking the results with the app on her I pad

 

[Leon Solent]

Your money will always be protected, you'll earn no interest but you'll be entering a big lottery for free every month. Last year I won £100 on £20k invested. Not great but it keeps me interested (just).

Premium Bonds

 

[Boz33]

Me mam is 91 - highlight of her month is checking the results with the app on her I pad

If it gives the oldies a bit of interest there's nee harm in it and let's be honest what's a 91 year old gonna do with that kind of cash, good luck to her

 

[heroesof73]

Better than the lottery as you don't lose your money.
The money also stays in the UK rather than feathering pension pots abroad

 

[chunkyshanhawk53]

Your money will always be protected, you'll earn no interest but you'll be entering a big lottery for free every month. Last year I won £100 on £20k invested. Not great but it keeps me interested (just).

Premium Bonds

Up to 85k is guaranteed by the government in deposits with banks anyway (per bank)

 

[Old Prestonian]

Up to 85k is guaranteed by the government in deposits with banks anyway (per banking license)

Which banks count as one under the Financial Services Compensation Scheme (FSCS)?

 

[chunkyshanhawk53]

Which banks count as one under the Financial Services Compensation Scheme (FSCS)?

Well yes. But that doesn’t really change the point does it?

 

[Longy]

Premium Bonds

 

[IAmZlatan]

What are the savings for? Short term? House deposit? Pension?

 

[becs]

Grandparents bought about a tenners worth when I was born. I've never won a penny!

 

[Goat Eyes]

Grandparents bought about a tenners worth when I was born. I've never won a penny!

Well with interest and inflation they’ll be now worth a tenner.

 

[becs]

Well with interest and inflation they’ll be now worth a tenner.

I'm tempted to cash them in and go wild like

 

[Le Chuck]

just read an article about premium bonds and that they are reducing how much you need to pay.
I need to start saving properly in the new year, what are people’s thoughts on these? With the interest rates so low I’m unsure what to do with some coin.

How much have you got initially & how much you planning to save each month & timescales etc?

Theres better options to get decent rates, but it does require a bit of effort & organisation.