Chit Chat
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30 Nov 09
19:58
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Date Joined:
14 Sep 04
Earlier this year National Savings and Investments informed me they had reduced the minimum Premium Bond win from £50 down to £25.
The reason they gave for this was, apparently, to maintain the average winning ratio of fifteen wins per year for those with a maximum holding of £30,000.
Even though we all know they are a terrible investment at the best of times, I have stuck with my bonds for about twenty years; a combination of sheer laziness, nothing else to do with the money, and hoping against hope for the big win.
Not only have I never received fifteen prizes in any twelve month period, since January my total winnings amount to one solitary £25.
The reason they gave for this was, apparently, to maintain the average winning ratio of fifteen wins per year for those with a maximum holding of £30,000.
Even though we all know they are a terrible investment at the best of times, I have stuck with my bonds for about twenty years; a combination of sheer laziness, nothing else to do with the money, and hoping against hope for the big win.
Not only have I never received fifteen prizes in any twelve month period, since January my total winnings amount to one solitary £25.
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Replies: 55
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Eh, do you have the 30k in? I had it until about a year ago (when they cut the interest rate for the fund to less than the net interest rate I get in any savings account even net of 45% tax) and I got the yield that was expected. £50 and £100 most months and the occasional nowt.
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Premium Bonds are only worthwhile if you are a higher rate taxpayer.
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Yes, sir, I have £30,000 with Ernie. It went up from £20,000 a few years ago didn't it?
I think my best return in any one year was ten prizes: nearly all £50 with maybe one or two £100. This year: one £25 win. I guess I just must be very unlucky. :( |
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Sir Alan incandesant
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I don't think there any good for anybody at the moment Jim. Unless you win one of the big prizes of course!
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*they're X-(
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If you ring up to say you want to cash them all in,you will find that you will win the next month.
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They are a tax dodge PM...
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I've still got my £30,000 worth.
I win about 10 (now £25) prizes a year. I printed off the forms for cashing them in when it went to £25 but couldn't be arsed filling them in. I'm sure they rely on that. If you could just click like when you buy them I would have done it by now. |
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I'm much the same EGG.
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Hello kohaku. Haven't seen you for ages.
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I had £90k because you can buy 30k each for kids too. :D
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Ever had a big win?
Somebody in my little village won the £1,000,000 and an acquaintance of mine once had £100,000. |
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I think I won 50 quid once...
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3x £50 in a month max for me. :(
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I never won more than £300.
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30k lol, held for 20years, what a shocking loss
30k from 1990 to keep inline with inflation would need to be 54,900 and thats to just have the same value. have you had 25k in prizes? mug bonds imo |
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Yeah, you need to get out when the rate drops below your net rate on your cash portion at the bank.
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Yeah, we're saddo gamblers holding on for the biggie. :|
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It was £20,000 for most of the twenty years. Maximum holding went up by £10,000 a few years ago.
I agree they are still a very poor investment though. |
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What gets me is that the big £1,000,000 prize keeps going to some lucky ** holding a tenner's worth! :^0
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They are part of a balanced portfolio for me, I'm sure the same is true for you, PM.
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Perhaps you should reduce your holding to a tenner PM...
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its sad that city spiv t0ssers can make more money on one bit of sneeky insider dealing over a weekend than a granny holding £20k premium bonds makes in 20 years but thats the world we live in
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I probably will Jim. :)
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I bought a grands worth a few years ago. Had them for about 2 years (with no return whatsoever) - then cashed them in to buy my first computer, desk and accessories, for Betfair purposes.
Glad I got rid of them, reading this thread. |
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Good decision I should imagine Tom.
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If you had kept those bonds, Tommy, you might be a millionaire but there would be no pub!
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14 000 000 000 quite a fair wedge in't it
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Exactly, EGG!
Drinks all round! |
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Had £100 worth of bonds since 1997; not won a penny :(
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14 000 000 000 / 30 000 = 466 666.667/1 of winning a million with a 30k holding
is that right? |
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^ If thats right your better off investing in a interest account and lotto tickets
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PM, I think it maybe that the longer you keep them, the longer you feel you have to keep them, to hopefully show a decent return?
Referring to your shares thread, that's what I've done with both my TSB and Halifax shares - until they've become almost worthless. More fool me. |
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I don't know whether it's an old wives tale or not but I was always told that you should not keep Premium Bonds for too long as the chances of winning decreased dramatically the longer you kept them. The best thing to do is to keep on cashing them in and then buying new ones...apparently.
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Maybe so Tom.
Sorry about your bank shares, sir. I gambled my way out of the mess to some extent, but it wasn't pleasant. |
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They directly address that concern in their blurb Jim; denying it of course, but it does certainly seem true sometimes.
Were I to win the £1,000,000 tomorrow I would, of course, not hear a word against those wonderful people. |
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Martin Lewis (Him again) says you are better off investing the money in a savings account and buying lottery tickets with the interest.
And we all know how crap the lottery odds are. |
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Mathematically, I am sure Martin is correct EGG.
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