Premium Bonds

[smurfchops]

Is it easy to take money out of Premium Bonds if I don’t have a password?
Can I ring them without a password? Thanks all

[dannyk13]

Did you buy them on line and did you supply a password?

[ToraToraTora]

it's easy if you set up the online account side of things. I've never called them but I imagine they'll help you but It'll be a lot more cumbersome than just setting up the on line account.

[jim360]

Separate but related: a reminder that chances of winning will decrease substantially, from December 2020 onwards, and that other NS&I products are going to have severely reduced rates of return.

[barry1010]

jim, the more people that cash in their PBs for a better return elsewhere, the higher my chance of winning

[dannyk13]

Scroll down to ' how do I cash in bonds'

https://www.nsandi.com/products/premium-bonds

[ToraToraTora]

so what's happening Jim? reducing the interest rate they use to calc prizes??

[bednobs]

fewer prizes TTT

[jim360]

Reducing the number of prizes awarded, I think.

https://www.bbc.co.uk/news/business-54232018

[ToraToraTora]

obviously, but why, I assume they are reducing the interest rate they base the prizes on. BTW your avatar is out of date now!

[dannyk13]

//Savers will soon have a one-in-34,500 chance, against one-in-24,500 now. It is also slashing the number of £100,000 prizes from seven to four and £50,000 prizes from 14 to nine.//
Won't stop me investing.

[jim360]

Indirectly caused by Covid-19. NS&I is a source of income, Government needs more income, can't afford to dish it out to Joe Public.

[bednobs]

if you mean me re avatar - I know, by a few years, but I can't be bothered to change it/don't know how. Also, when I look down the posts i'm used to seeing my purple square

[ToraToraTora]

ok just found it, the prize fund is based on 1.4% of the total pot PA, that is reducing to 1%, thus they'll have to have fewer prizes.

[bednobs]

the govt need to claw money back I suppose owing to all the dosh they've been handing out and continue to do so. More popular than cutting benefits to 80% I suppose (in the short term - those changes will come, i'm sure)

[ToraToraTora]

the fund was £84.3bn in Dec 2019.

[jim360]

And besides, who knows? Maybe it'll be relevant again in a few years.

[ToraToraTora]

TBF 1.4% is a very generous rate in the current climate so it doesn't surprise me. 1% is still pretty good.

[jim360]

Bonds are still just about OK. Rates on everything else, though, have been destroyed. Income Bonds are at 1.16% at the moment and will be cut to 0.01% from November 24th.

[dannyk13]

Jim, the number of £100 & £50's that I have won over the years is more than I could get from bank interst rates, and it is your account with a few days.

[smurfchops]

Thanks everyone!