Premium Bonds

[Shorty]

I have some savings and have been thinking recently about what's best to do with them. A few people have recommended Premium Bonds. I don't know a great deal about them so I'm doing some research. Does anyone have them and would recommend buying some? And is it easy enough to add to them and withdraw? Thanks

 

[(I'm)Stranded]

It's easy to add extras and to withdraw whenever you wish. However the odds of winning are so small - I've got 500 and have won just 2 small prizes in 40 years!!!! https://www.moneysavingexpert.com/savings/premium-bonds/

 

[Mexijan1]

It really depends on how much you have to invest and other investments you have probably something best not discussed on an open forum
There are a few good sites on the internet that cover it indepth.

 

[Alan Turing]

I’ve got the maximum amount and I’m currently achieving 3.31%pa which isn’t brilliant but of course there’s always the chance of a big win. Anything you receive is tax free, which is worth remembering.

I’m giving it until the end of the year and then I might move into something more guaranteed.

 

[Shorty]

I’ve got the maximum amount and I’m currently achieving 3.31%pa which isn’t brilliant but of course there’s always the chance of a big win. Anything you receive is tax free, which is worth remembering.

I’m giving it until the end of the year and then I might move into something more guaranteed.

I don't have a massive amount, 4 figures, but at the moment it's sat in my account earning me nothing at all. So I'm weighing up the pros and cons of a different savings account with a guaranteed % or bonds.

 

[Mexijan1]

I don't have a massive amount, 4 figures, but at the moment it's sat in my account earning me nothing at all. So I'm weighing up the pros and cons of a different savings account with a guaranteed % or bonds.

With that amount then probably not but you do have the chance but very slight of a big win. Premium bonds were pretty good for larger sums a while back when interests rates were low but not so much now. Premium Bond returns 50k with average luck will return 3.9% pa this drops to 3.75% at 10k and under that pretty much 0. There are plenty of bank accounts will give you better returns and instant access.

 

[Frank Butcher]

Shorty, in the UK by law no-one is allowed to give you (or anyone else) specific personalised financial advice unless they are registered to do so.

Anyone can talk generically, but I’m afraid no-one (without qualification) can - or should - offer a recommendation per your ask in the OP.

The reason is that regulated professionals are required to do a deep dive into your financial situation before offering advice. So your savings are just one element of your own position which could include things like property and other assets, pension(s), liabilities, debts, attitude to risk, goals …. etc etc …. that might affect what constitutes good advice on how to use your money.

 

[Balham Green]

I don't have a massive amount, 4 figures, but at the moment it's sat in my account earning me nothing at all. So I'm weighing up the pros and cons of a different savings account with a guaranteed % or bonds.

Not even getting interest?