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Premium bonds.


samboy
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7 hours ago, Trevorevans said:

Had about £100/125 in the last 12 months or so, much better than I’d get in interest.

Would it be too rude to ask the size of the investment?

Also - if say 5K were to be invested would they all be consecutive numbers for easy checking?

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Any win I have up to £100 are automatically reinvested into bond's and the numbers are consecutive, I now have around 5.6k worth. I had a free session with a financial adviser paid for by work regarding my upcoming retirement and he suggested using a bit of the lump sum to top it it to 10k. Don't forget if you need the money you just cash them in, it's just a no risk gamble as your money is safe but each month someone has to win up to a million quid. 

Providing the original details when purchased have not changed all wins are notified, there are £££££s not claimed as people move and never update their details. 

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24 minutes ago, Dave-G said:

Would it be too rude to ask the size of the investment?

Also - if say 5K were to be invested would they all be consecutive numbers for easy checking?

When you buy some, you are given a "member's number." Then when you want to check, plug in your number and it checks all bonds in your name and informs you of any amount that you've won.

7 hours ago, zipdog said:

👍

Last year I won £25 on months 1, 2, 3, 5 and 6, and then nothing until March (£25 again) this year.

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6 minutes ago, Dave-G said:

I have to say the simplicity of this appeals to me - and I won't do online banking because of potential banks data breaches. At the moment I have funds just sat in a regular account earning diddly. 

The wins for me exceed any interest the banks give.....I won five lots of £25 last month! And I have nowhere near the limit of bonds allowed! :yahoo:
Short lived celebrations though! The missus spent it on a new AGM battery for her car! :cry1:

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A couple of notes regarding premium bonds, if you're considering buying :

1. You don't get into the draw for the first calendar month following the investment - so, if you buy today, you won't be in until the July draw - draw is made at the start of the month

2. The 'interest rate' can be varied - at present, if you have 'average luck', you'll get one or two wins of £25 per year if you have £2000 invested. If you have the max £50k invested, you'll be more like £500 per annum (though it could be £1 million for a £1 holding, of course). The precise odd of any bond winning a prize in any month are about 1 in 24,500 - so the full £50k works out as averaging 2 prizes a month

3. 'Winnings' (interest) are tax free

Martin Lewis (moneysavingexpert) has a good section on Prem bonds

When you get your investment set up and your 'holder's number', you can get the official app on your phone, and check any winnings easily - they will email you a few days after each draw to confirm. Winnings are paid direct to bank, or you can choose to have them re-invested, up to the £50k maximum holding

 

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The odds against winning are about 36000:1. So if you have the maximum, £50000, you should win something every month. It will most likely be £25 or multiples there of as that is what there is most of.

 

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