MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I've got somemoney to but into a savings accounts - not loads just a couple of grand
As the interest rates are so poor is it worth sticking it into premium bonds ?
Guessing the chances of wnning anything woould be pretty slim....
Better than the lottery - two chances a month of a million. My daughter gets a couple of £50 wins a year. And you can always get your money back if you need to.
MrsT
My mate has £20k in them and wins £50 or so every other month on average. I have £200 and have won ****-all in two years...
ive just had two £50 wins in two weeks, its got to be better than putting it in the bank.
Good points: capital is safe and accessible if you want it back; average rate of return is 'ok'; you *might* win a lot; winnings are not taxable
Bad points: you *might not* win anything; the average rate of return overall is not stellar
EDIT: Prize fund was cut yesterday to 1%, i.e. the prize fund is 1% of the total amount invested. The number of prizes of different values was also adjusted to maintain similar odds of winning.
had good returns from 5k for a couple of years, above average which means somebody else is getting below average. halved my investment now though as the rates have dropped and better returns available elsewhere
Remember that you're not getting any interest - only a random share of the prize fund. That means your money will be worth [i]less[/i] (due to inflation) when you come to withdraw it. I'm thinking of stashing a couple of £K in there too.
Interesting this. I've got a few grand heading my way next month when a policy matures and was thinking of giving premium bonds a punt for a year. Where would you recommend I put it Mr S?
Worth a read:
[url= http://www.moneysavingexpert.com/savings/premium-bonds ]Are premium bonds worth it?[/url]