Premium Bonds

[susiespider]

I'm beginning to wonder if they are still giving out any premium bond prizes. I was averaging about 6-7 small wins a year (I've never had a big win), last year it was 5 x £25. However, I've not had one win this year. It's bad enough that the prize halved from £50 to £25 but now they've obvioiusly drastically reduced the number they pay out.
Are others noticing this or have I just been unlucky this year? I know it would make more sense to put the money into a BS but I still hold out hopes of winning the million one day, despite it being infinitesimally small odds that I ever will.

[buildersmate]

It is inevitable that, statistically, you will win less often (for the same number of Bonds) when interest rates are low (as they are now). This is because the Treasury adjust the quantity of prizes doled out so it matches the total amount they offer as prize payouts, according to the underlaying interest rates. Since the Treasury want to maintain the headline-grabbing £1m montly top prize, the quantity of the smaller prizes have been scaled back dramatically since interest rates were at (say) 5% p.a.

[cassa333]

I've had £3000 of pb for about 7 yrs and in all that time I have wone 3x£25.

I hardly think it is worth the bother.

[grasscarp]

A couple of days ago I received £25. First win in absolutely ages. I dont change this bonds investment to a building society as interest rates are low, plus as a tax payer I would end up having to pay tax. I find with premium bonds you can have a dream that one day you will be suddenly a big winner! Also they are easy to cash in very quickly if you need the money.

[JDOvengloves]

I agree with grasscarp's comments . I have the maximum holding and I win most months. In August I won 6x £25. Its still not a great interest rate. But as you say there's always the chance of a big win.

[Sqad]

Mrs Sqad has maximum holding and she wins every month.......only 25 pounds, but could be the big one....LOL

So, you take your money out, but where would you invest it? Lousy returns for the saver.

[bednobs]

what is the maximum?

[dustypuss]

I got 2x25 this morning . Do you think that enough to give up work and go on a world cruise.

[sandyRoe]

30K
It would buy a fair weight of gold and you could hide it under the floorboards until the price went up

[Sqad]

bednobs 30,000 pounds.

[yogasun]

Can anyone tell me if you have, say, £25, 000 in Premium Bonds, when and if you cash them in do you get it all back or is there a charge for cashing them in?

[sandyRoe]

There's no charge to cash them. But if you've held them for a few years the money you get back won't buy what it once would have.

[janbee]

I win something every month from £25 to £10,000 on two occasions. I have had the full quota of PB's for 3 years and, for me, they've been a good buy. Won £175 this month.

[yogasun]

Thanks Sandy.

[susiespider]

I've got £15,000 of them which is half the maximum. It looks as if I am being rather unlucky at present as those with the maximum £30,000 are saying they win most months so the law of avearges says i should win on average every 2 months, but I'm not. Janbee - it sounds like you're getting more than average luck. The most I've ever had in one month is £100.

[stumac46]

i cant believe you lot have won anything at all. i have had premium bonds since i was born 42 years ago and have increased them every couple of years and never won a penny