Premium Bonds

[Khandro]

According to their advertising, ns&i claim that there are over a million tax-free prizes every month from £25 to £100,00 so the odds of a win would seem to be quite high, yet I have some which were originally my mother's bought decades ago and they haven't ever won a sausage, nor do I know of anyone who has done so.
Has anyone on here ever won anything?

[mikey4444]

See what Martin Smith has to say about Premium Bonds :::

http://www.moneysavingexpert.com/savings/premium-bonds

[tonyav]

Mmmmm, I might swap my ridiculously low interest paying ISA into premium bonds.

[gness]

We crossed post again, Mikey.....I don't take it as a criticism at all.....but we don't all buy premium bonds thinking we'll make a fortune....I know it's a gamble that will probably leave me with less than if I'd invested it somewhere for say six or ten years.....but blow that.....nowhere near the fun of checking for the big win every month.....xx

[mikey4444]

Andy...no reputable Financial Adviser would recommend Premium Bonds, unless you had used up all the other tax-efficient methods of saving and investing first. The golden rule when assessing risk is never to gamble more than you can afford to lose.

If £40,000 was the ONLY cash you had, then to put it all in Premium Bonds, when NS+I have other products to offer would be reckless.

On the other hand, if you were a millionaire, or a lottery winner, then it would be daft NOT to put the maximum into Premium Bonds !

[mikey4444]

Tonyav...please, please take advice before you do that ! You don't say what kind of ISAs you have. If you cash in your ISAs, you have lost the tax-free wrapper around them for ever. Promise me that you will think hard, please !

[-Talbot-]

If £40,000 was the ONLY cash you had, then to put it all in Premium Bonds, when NS+I have other products to offer would be reckless.


I don't think you need to tell any ABer that, mikey, not even andy (who doesn't appear to be on the thread)

[mikey4444]

Fingers crossed gness ...the luck of the Irish what you need !

[mikey4444]

Beg pardon...I meant Tony.

[-Talbot-]

or maybe, sunny-dave?

[mikey4444]

***..I have a long and hard day ! I am falling asleep at the keyboard here.

Yes ....Sunny Dave and then Tony !

[alavahalf]

Sorry I still dont get it ... you buy premium bonds for what ? A bit of fun ... or because you may get a return in the form of a prize and therefore increase your initial deposit (sorry I cant call it an investment).

A premium bond is a deposit in the governments coffers. It's a free loan from the public ... The Government Invest It ... collect the returns and then dish out the scraps left over, in the form of 1000's of monthly prizes to millions of holders of billions of bonds.
If a financial adviser offers you premum bonds as part of and investment..
... show them the door !

[gness]

Alavahalf....please....I know what a premium is and how they work.....it's not an investment for me.

If I only had £30.000 it wouldn't go into them......but I have investments that are making me money....I have what I need to live well on...so yes...

For a bit of fun.....

[mikey4444]

Gness...can I borrow a fiver to last me til Friday !

[gness]

Of course you can my love.....my interest rates are high though...okay?....☺

[alavahalf]

Why not take a chance and go double or quits on that fiver... beats any Isa ...a possible 100% between now and friday. Put me down for a tenner !

[sunny-dave]

I'll go double or quits (premium bond stylee) with you, alavavavalhalf ...

... if you win I just keep my fiver, if I win I'll keep yours too?

[Khandro]

My mind is made up! I shall buy a thousand quid's worth tomorrow, and keep you posted. If I win anything, there will be a a special prizes for gness and tilly. :0)

[Tilly2]

Whoohoo!

[gness]

Whoohootoo!.....x