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Premium bonds to stop paying out cheques

Gingerbeard said:
I would love to know why it takes 6 weeks for new bonds purchased to be entered into a draw, especially as it only takes minutes to draw the numbers each month - this to me, is one of the few negatives aspect to PB’s
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Govt profits from 6 weeks worth of interest.
 
Technically I believe they only have to be deposited one day and a month before the next draw. Yiu could but money in the day after the draw and they wouldn’t count until nearly 8 weeks later. They need to be in for a full month before they are entered.
 
Barrymagrec said:
My experience in banks over the last few years, closing branches, use the machine, only one window open, is that they don`t want to speak to you.
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The bank that I go to has very friendly staff, who recognise and remember you. Sometimes they have 3 windows/tellers on duty.
 
Tony Lockhart said:
I’ve better things to do with my life than pay to park the car, negotiate shoppers etc, just to pay a poxy piece of paper in.
I really struggle to think of reasons why any high street banks should exist now.
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It is really easy to visit my bank, and parking is free and always available.

I time visits to the bank with other chores, so as to make best use of my time.

It must be hard for some who are 'time poor' though.
 
Big Tabs said:
It is really easy to visit my bank, and parking is free and always available.

I time visits to the bank with other chores, so as to make best use of my time.

It must be hard for some who are 'time poor' though.
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you are lucky , so many have lost their banks , 3 towns I visit have lost most of theirs now. Not easy for business people to deposit takings
 
hifinutt said:
you are lucky , so many have lost their banks , 3 towns I visit have lost most of theirs now. Not easy for business people to deposit takings
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Yes.

There is only one left in our town. (Lloyds)

I think (not sure) that you can bank/deposit at a Post Office.
 
Gingerbeard said:
would love to know why it takes 6 weeks for new bonds purchased to be entered into a draw, especially as it only takes minutes to draw the numbers each month - this to me, is one of the few negatives aspect to PB’s
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Agreed, but only if you're buying new bonds. It used to be a 3 month wait not so long ago, so that's progress! Anyway, it's not 6 weeks (unless things have recently changed. It's a month (28 to 31 days). If you deposit on the last day of a month, e.g., your bond(s) will be in the draw maybe 32 days later.

gavreid said:
I have two £1 bonds from when I was a baby - won nothing so it doesn't bother me.
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Now that's inflation for you !!!!!! (however old you are). But you never know.............This certainly wouldn't be unprecedented by any means.
 
Re: premium bonds.

I have never had a prize bigger than £25.

I have received 4 x £25 though on occasion.

Wifey had a £100 prize once. She ditched her bonds a while ago though.

I reckon I have had maybe £400 ?? over the last year? (max. bonds) I shall have to add them up. It would be interesting to work out the interest for the year. 1.5% at a guesstimate?
 
Myself and my wife have max bonds. We get around £100 pm between us. This month I had a £500 prize...so it does happen occasionally. Still waiting for the big one!
 
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I did a lot of work for one of the Big Four retail banks about 17yrs ago - 'we'/our (my) team basically reviewed & designed fixes for 1550+ branches for disability access in a year*

That Bank's expressed opinion then was - we'd shut every single branch tomorrow if we could.
Even back then, the High Street counterline was seen as a pure loss even to a retail bank. None of what you see on the high street in terms of bank closures should now be a surprise - and technology has enabled this step.

They are not coming back.

*An interesting exercise in pure process; while the fixes might range 8-80+k per branch, occasionally more, it all just happened & the money was spent... part Brand refresh, part risk-averse (and actually, honourable) response to the Disability Discrimination Act.
 
Big Tabs said:
Re: premium bonds.

I have never had a prize bigger than £25.

I have received 4 x £25 though on occasion.

Wifey had a £100 prize once. She ditched her bonds a while ago though.

I reckon I have had maybe £400 ?? over the last year? (max. bonds) I shall have to add them up. It would be interesting to work out the interest for the year. 1.5% at a guesstimate?
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My record is a £1000 prize one December - nice Christmas present. Amazingly the following month I won a £500 and two £100 prizes.
 
Big Tabs said:
Re: premium bonds.

I reckon I have had maybe £400 ?? over the last year? (max. bonds) I shall have to add them up. It would be interesting to work out the interest for the year. 1.5% at a guesstimate?
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If you’ve got the max £50k, then £400 is around 0.8%. Depends on exactly when in the year it was paid out to be ultra precise.

For 1.5% then it works out as £750 p.a.
 
Linds said:
If you’ve got the max £50k, then £400 is around 0.8%. Depends on exactly when in the year it was paid out to be ultra precise.

For 1.5% then it works out as £750 p.a.
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Thanks for the maths.

I will laboriously go through my bank statements to find out what's what.



It is the kind of exciting life I lead.
 
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