Premium bonds - weird coincidence

[Jenkins]

Just £25 for the second month in a row. As a result I've been on the NS&I website and set an order to cash in 4/5ths of my holding after the next draw. The money will be put into a 2 or 3 year bond which should yield about £200 per month in guaranteed interest. More than likely this interest will be invested in more Premium Bonds while any prize money from my remaining holding will be 'treat' money.

 

[glasgowcyclist]

The prize rate is increasing to 4% from the August draw. 👇

https://www.moneysavingexpert.com/news/2023/06/premium-bond-prize-rate-rise-august-nsi/

“NS&I will increase its Premium Bond prize-fund rate to 4% from 3.7% for its August 2023 draw and beyond, with an extra £30 million in prizes up for grabs. This latest increase – the seventh we've seen in just over a year – is to the highest rate since 2007. The odds of winning will also increase from 24,000 to one to 22,000 to one. ​

​

There will still only be two monthly winners of the top £1 million prize, but the estimated number of prizes available in every other category will rise. NS&I says approximately 460,000 extra prizes will be up for grabs. ​

While the rise is good news, the 4% Premium Bond prize-fund rate is still behind today's top easy-access savings rate of 4.25%. And most people with typical luck won't actually get a return of 4%, even with the maximum £50,000 invested.”​

 

[Chislenko]

The prize rate is increasing to 4% from the August draw. 👇

https://www.moneysavingexpert.com/news/2023/06/premium-bond-prize-rate-rise-august-nsi/

“NS&I will increase its Premium Bond prize-fund rate to 4% from 3.7% for its August 2023 draw and beyond, with an extra £30 million in prizes up for grabs. This latest increase – the seventh we've seen in just over a year – is to the highest rate since 2007. The odds of winning will also increase from 24,000 to one to 22,000 to one. ​

​

There will still only be two monthly winners of the top £1 million prize, but the estimated number of prizes available in every other category will rise. NS&I says approximately 460,000 extra prizes will be up for grabs. ​

While the rise is good news, the 4% Premium Bond prize-fund rate is still behind today's top easy-access savings rate of 4.25%. And most people with typical luck won't actually get a return of 4%, even with the maximum £50,000 invested.”​

I think most people, and I include myself, put money in Premium Bonds for "the thrill of the chase" and the lack of taxation.

Paying no tax on my winnings is certainly a major factor in me leaving my money in there.

 

[PK99]

I think most people, and I include myself, put money in Premium Bonds for "the thrill of the chase" and the lack of taxation.

Paying no tax on my winnings is certainly a major factor in me leaving my money in there.

Umm.. lack of taxation...

One of Glorious Gordon's Stealth Taxes was slipped in under the wire in one of his budgets.

Previously the PB Interest rate on the pool was set to parallel the other National Savings rates.

GB reduced the pool interest by the average tax paid.

Tax free I your hands, but tax aready paid!

 

[MontyVeda]

The prize rate is increasing to 4% from the August draw. 👇

https://www.moneysavingexpert.com/news/2023/06/premium-bond-prize-rate-rise-august-nsi/

“NS&I will increase its Premium Bond prize-fund rate to 4% from 3.7% for its August 2023 draw and beyond, with an extra £30 million in prizes up for grabs. This latest increase – the seventh we've seen in just over a year – is to the highest rate since 2007. The odds of winning will also increase from 24,000 to one to 22,000 to one. ​

​

There will still only be two monthly winners of the top £1 million prize, but the estimated number of prizes available in every other category will rise. NS&I says approximately 460,000 extra prizes will be up for grabs. ​

While the rise is good news, the 4% Premium Bond prize-fund rate is still behind today's top easy-access savings rate of 4.25%. And most people with typical luck won't actually get a return of 4%, even with the maximum £50,000 invested.”​

I only have a small holding of PBs and after a couple of minimal wins in the first two years and a few better ones this year, i reckon my interest equivalent is currently around 5%, so not bad.

 

[november4]

A suprising £25 and £100 this morning, after a few blank months

 

[potsy]

£100 for me after a few blanks..

 

[biggs682]

£200 coming into the house this month it all adds up

 

[Tenkaykev]

Nothing this month ( max holding )
Will withdraw a chunk and pop it in a 1 year fixed rate ISA

 

[Juan Kog]

£200 coming into the house this month it all adds up

It all adds up too more bikes , I know your already looking at EBAY and FB.

 

[biggs682]

It all adds up too more bikes , I know your already looking at EBAY and FB.

Bike funds are separated from the household budgets

 

[mistyoptic]

£900 here between us 🥂

 

[PeteXXX]

I've got nothing so far this year with appr 50% of max.
I have a savings account @ 5% and self invested shares are returning between 5% & 7% depending on the mood of the markets.
I'm tempted to dump Ernie and go for a bit of DIY!

 

[Jenkins]

£225 for me this month after a couple of very poor months.

Nothing this month ( max holding )
Will withdraw a chunk and pop it in a 1 year fixed rate ISA

As noted in July, I'm cashing in most of mine this month and re-investing in a 3 or 5 year fixed term bond which should yield a guaranteed £200 per month return. Just got to wait until after this week's interest rate decision to see which way to go.

 

[ianrauk]

Nada this month.