Ok, so i know they're a lottery etc, but according to a calculator on MSE, I'm in the bottom 0.2% of (un)lucky punters when it comes to winnings through Premium Bonds.
The money in there is waiting to be spent on some building work, so I want quick, easy access and management (as I don't know when the building work will take place - i.e. i don't want to tie in to a 6-12 month term), and preferably more than £0 back on my money over a similar period of time...
any suggestions?
Crack. As prop Joe says "buy for a dollar sell for two".
Sex
unless you win more than £25, obvz
Should be able to get an instant access savings account or ISA giving 1.4% or so. Will probably give you more than Premium Bonds anyway. Moneysavingexpert have a list, looks like the best rate is currently Marcus. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Also some banks have regular saver account, up to 5% interest. Usually limited to paying in a few hundred a month, but over a year it could add up. And still instant access. I've got one from Nationwide (needs a current account with them).
All depends how much of a dreamer you are. I put my money in premium bonds as getting 2% interest is not going to really change my life whereas a win of a few 100k will (even if that is very unlikely)
How long has the money been in premium bonds? It can take a while for money to actually turn into bonds that are actively in the monthly draw. There’s a full calendar month wait so money paid in early Jan wouldn’t be in the draw until March. If you’ve not been in long, factor that into your effective interest rate. I haven’t got any at the moment but was maxed out for a while and earning 1.6% on them. Not great but with a tiny hope each month of a windfall 😃
Thanks all. A regular paying in account might be a bit of a pain - I'm not the best at remembering to do regular things financially - just do it as I remember. Will look at some instant access stuff...
Money been in long enough to have missed a few draws 🙁
peer to peer lending is better in my opinion. 4-6% return and although there's no protection on your investment, just start with £20.
peer to peer lending is better in my opinion. 4-6% return and although there’s no protection on your investment, just start with £20.
Not a great solution for money you want to access. I'm just getting out now after being pretty disappointed with the returns and its a slow, unpredictable process.
Bitcoin?
Thanks all. A regular paying in account might be a bit of a pain – I’m not the best at remembering to do regular things financially – just do it as I remember. Will look at some instant access stuff…
You can setup an regular payment (standing order) in your online banking, to automatically transfer the money on the 1st of the month. So you donn't need to remember anything.