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Previously on "BOOM: Premium Bonds"

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  • AtW
    replied
    Only 50 quid win this month

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by WTFH View Post
    Another way to look at them is as a sensible person's lottery. you put your money in, and you still can get it back.
    That's how I look at it. If you have £50k in there, you're effectively getting close to the headline rate anyway, which isn't too bad currently. Plus the chance of a big win, admittedly a very small chance, but enough to be a bit of fun.

    Leave a comment:


  • pr1
    replied
    Originally posted by WTFH View Post

    That's the thing, it's going to be a close call, but there's no chance the Nationwide are going to give to £1m in a month, which is a possibility with PBs.
    Another way to look at them is as a sensible person's lottery. you put your money in, and you still can get it back.
    Could put it in nationwide and buy £75 worth of euromillions tickets each month, then there's "a" chance of getting loads more than £1m back

    Leave a comment:


  • WTFH
    replied
    Originally posted by ChimpMaster View Post
    Nationwide have announced new fixed term bonds paying up to 4.75%.

    Better to put your £50k in there, or keep in Premium Bonds?

    From my experience, I get around £50/month on average from Premium Bonds but this month I won £125.

    With Nationwide's 3 year bond, £50k @4.75% is around £197/month. The first £500 is tax free so I would pay 40% tax on the £1875 remainder, so tax = £750, leaving you with £1625/year or £135/month.

    Close call, but I'd be tempted to leave it in Premium Bonds.
    That's the thing, it's going to be a close call, but there's no chance the Nationwide are going to give to £1m in a month, which is a possibility with PBs.
    Another way to look at them is as a sensible person's lottery. you put your money in, and you still can get it back.

    Leave a comment:


  • ChimpMaster
    replied
    Nationwide have announced new fixed term bonds paying up to 4.75%.

    Better to put your £50k in there, or keep in Premium Bonds?

    From my experience, I get around £50/month on average from Premium Bonds but this month I won £125.

    With Nationwide's 3 year bond, £50k @4.75% is around £197/month. The first £500 is tax free so I would pay 40% tax on the £1875 remainder, so tax = £750, leaving you with £1625/year or £135/month.

    Close call, but I'd be tempted to leave it in Premium Bonds.

    Leave a comment:


  • Uncle Albert
    replied
    £750 since April. Enough for a couple of nice bottles of whisky to keep me warm over winter.

    Leave a comment:


  • WTFH
    replied
    Originally posted by WTFH View Post
    I've had £450 interest this tax year so far on my bonds.
    Useless mod sharing out of date information.

    Following this month's £175, it's £625 for the tax year now.

    Leave a comment:


  • d000hg
    replied
    You can now get 2% interest on a flexible, instant access cash ISA. You can get close to 3% on an instant access ISA that's not flexible (if you withdraw the money you can't put it back in later under the original allowance). If you don't care about losing the interest if you need to withdraw, you can get over 3.5% with 90 days interest penalty

    Leave a comment:


  • DealorNoDeal
    replied
    Originally posted by WTFH View Post
    Back in 2009 we were about to buy a house and I needed to take out my bonds to be part of the deposit.
    I know a couple of people who are using them to save the deposit for a house, and they seem like quite a good option where you want easy access and no risk to your capital.

    Leave a comment:


  • WTFH
    replied
    Originally posted by DealorNoDeal View Post
    They're not a bad place to put your money if you don't want to tie it up for any length of time or have any notice period. 2.2% looks pretty good compared to instant access savings accounts.
    https://moneyfacts.co.uk/savings-acc...vings-accounts

    To have a decent chance of getting close to the 2.2% on a month-by-month basis, you need to have a large holding. I'm guessing probably at least £30k?
    Yes, you can set it up to put in a set amount each month, and you can set the winnings to auto-reinvest.
    Back in 2009 we were about to buy a house and I needed to take out my bonds to be part of the deposit. I ticked the box to say "take out immediately after next draw", so all the bonds came out. But in that draw I won £25. That £25 prize was all that was in my account. The next month I won £50, based on the £25.

    Leave a comment:


  • DealorNoDeal
    replied
    They're not a bad place to put your money if you don't want to tie it up for any length of time or have any notice period. 2.2% looks pretty good compared to instant access savings accounts.
    https://moneyfacts.co.uk/savings-acc...vings-accounts

    To have a decent chance of getting close to the 2.2% on a month-by-month basis, you need to have a large holding. I'm guessing probably at least £30k?

    Leave a comment:


  • AtW
    replied
    Originally posted by Zigenare View Post
    Premium Bonds are not an asset that can be passed on to a beneficiary in the same way that funds from bank accounts and savings accounts can; they cannot simply be inherited or transferred to someone else's name.
    Not “in the same way” is not equivalent to “can’t be inherited” - get some evening English lessons for retards such as yourself.

    Cashing out without losses Premium Bonds and splitting them up if necessary is as “simple” as it gets to inheritance (zero argument about known fixed value and zero transaction losses), real no brainer given its 1:1 monetary value and thus no issues related to valuation of such inheritance.

    It’s pretty obvious that the requirement to cash out Premium Bonds follows from the artificial limits placed on maximum size of ownership, which does indeed makes inheritance “not in the same way” as bank accounts, but that’s a mere technicality that is completely immaterial, you got that now, cretin?

    HTH


    Last edited by AtW; 29 September 2022, 12:57.

    Leave a comment:


  • Whorty
    replied
    Originally posted by Lance View Post
    It's Mr. Superior Assmunch to you.

    but why do you want to put them in an ISA?
    You can't but I still don't understand your reasoning.

    Yours,
    Assmunch.
    Because in an ISA he can get tax relief on the 'investment return' ..... oh, hold on ...

    Leave a comment:


  • Lance
    replied
    Originally posted by d000hg View Post

    It's almost like if he'd explained helpfully in his first post instead of being a superior assmunch, he'd have saved a load of effort.

    It's Mr. Superior Assmunch to you.

    but why do you want to put them in an ISA?
    You can't but I still don't understand your reasoning.



    Yours,
    Assmunch.

    Leave a comment:


  • WTFH
    replied
    Originally posted by Zigenare View Post

    Premium Bonds are not an asset that can be passed on to a beneficiary in the same way that funds from bank accounts and savings accounts can; they cannot simply be inherited or transferred to someone else's name.
    I think you two need to sit down in a room and beat each other off to release the stress.

    The bond numbers cannot be passed on electronically, but they can be held after a person's death for up to a year - during which time they may still "win prizes" and the value of the bonds can be passed on through the estate.
    You are both pedantically right and both pedantically wrong, since you are doing the typical "argument over two different things"

    Leave a comment:

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