Premium bonds to stop paying out cheques
- Thread starter Jamie
- Start date
paulbysea
pfm Member
I got given £5 of premium bonds just after my birth in 1957 and bought a few since then. Still haven't won anything yet.
Having recently contacted NS@I to change my address, I have no worries about the security, it was the toughest security check I have ever had when signing up for something online.
Having recently contacted NS@I to change my address, I have no worries about the security, it was the toughest security check I have ever had when signing up for something online.
RobFTM
pfm Member
It’s easily explained. N S and I have increased the number of payouts at the lower levels. They now payout 2.2% now as noted here but the extra isn’t another million prize but many more lower, £100 and £50 prizes. This is offset by a massive reduction in £25 prizes though.
https://www.nsandi.com/get-to-know-us/monthly-prize-allocation
For example there were 38000 £100 prizes last month, now there are 700000.
eguth
pfm Member
It is something you don't need if you get PB to pay wins direct into your bank a/c
MikeMA
pfm Member
I've had my NS&I PB winnings paid directly into my bank account ever since I visited my local HSBC branch and the counter was closed, permanently as it turned out, and I was told by an "assistant" I'd have to use the machine instead. So I did and it immediately spat the whole lot back out. The "assistant" then had to take them into the back office and process them manually. I hate my bank.
Big Tabs
looking backwards, going forwards
The bank is now closed… any wins now go into my bank account automatically - the shiver of what-might-be opening an envelope is all over now. I get to interact with someone else a little bit less than last year. This is progress.
blossomchris
I feel better than James Brown
Yeah butt, you can get an ISA paying 3.5%, or a Bond paying 4%+
Gingerbeard
Ayup Me Duck
That's because you need to have mixed out the amount you can put in and live down South - you'll be guaranteed a big win then, as this seems the case more often than not on the old PB's
Actually, this moth was very refreshing for seeing a quite a few wins for those of us with smaller amounts, one person had £10k win form a £25 bond from 1966!
https://www.thisismoney.co.uk/money...rs-revealed-savers-enjoy-79million-boost.html
Mike Reed
pfm Member
Me too; don't bother with looking up high winners etc. (used to before everything became streamlined with NS&I). I just put in our numbers on the 2nd working day and see if we've won and which bond(s) won the prize.
If you're not fully invested, having your wins reinvested has the advantage of not missing a draw; it/they go in immediately. My wife's account has that but I get mine into my bank a/c. Now that P.B.s' prize % has gone from 1.4 to 2.2 there's an even better chance (realised yesterday; pleasantly surprised !)
Is it better to have a big net to catch the premium fish or lots of smaller ones? I've never worked out if there's a favourite there, but I did find, some months ago, that the bigger wins were mostly from large holdings; say, 15 or 20 K up. So maybe it's the big net scenario that wins.
MikeMA
pfm Member
It's true you can get better rates of return on savings, but I never feel comfortable going over the FSCS bank savings protection limit on any one account, so once I've maxed that out a few times - which is bloody tedious in itself - I put what's left in PBs. They are a bit of fun and a gamble but the only one I know where you are guaranteed to get your original stake back, win or lose.
Mike Reed
pfm Member
Well said, Mike. My sentiments entirely, and those increasing interest returns mean you have to keep running totals for each investment company. I try to have joint acc'ts where poss. as that does delay the inevitable safety threshold. Don't like opening new acc'ts with unknown companies as they always have different ways of working and there are always hiccoughs. Needs must sometimes, though, esp. when existing acc'ts drag their feet too much on interest increases. Takes time to monitor nowadays.
garyi
leave blank
poor you.