Premium bonds or saving account.

[eggsarascal]

I've got a lump of money that isn't needed for anything at the moment (first time in my life that I've said that). So, it's sitting in the bank, not doing a great deal, what with interest rates being what they are. I thought I might invest in Premium bonds, always been a bit of a gambling man. I know there is no interest on premium bonds, but your bonds are entered into a monthly draw with cash prizes.

 

Anyone done this if so with what sort of a return?

[Wolfie]

Invest in a nice red Mitsubishi - i have one for sale, only a small-ish oil leak.

 

 

Sent from my iPad using Arbtalk

[eggsarascal]

Invest in a nice red Mitsubishi - i have one for sale, only a small-ish oil leak.

 

 

Sent from my iPad using Arbtalk

 

Thank you very much for your generous offer Ed, but I think I'll give it a miss:biggrin:

[cornish wood burner]

I've got a lump of money that isn't needed for anything at the moment (first time in my life that I've said that). So, it's sitting in the bank, not doing a great deal, what with interest rates being what they are. I thought I might invest in Premium bonds, always been a bit of a gambling man. I know there is no interest on premium bonds, but your bonds are entered into a monthly draw with cash prizes.

 

Anyone done this if so with what sort of a return?

 

1.26% is the posted return. Fun when the cheques come but we never had anything over £100

Santandare and loyds do better on their current accounts. Was that Mitsubishi an evo by any chance. That would be much more fun.

[eggsarascal]

1.26% is the posted return. Fun when the cheques come but we never had anything over £100

Santandare and loyds do better on their current accounts. Was that Mitsubishi an evo by any chance. That would be much more fun.

 

Can you post a link to the Santander current accounts that offers better rates than 1.35% posted return from Premium bonds? Because I couldn't find it this morning.

[normandylumberjack]

About ten years ago my Mum sold her house and lived in rented for 2 years while she decided where to move to.

 

She put equal amounts of money in PB's and a saver account. It was the maximum allowed by PB's at the time, I think £30k?

 

After a year we totted up that the interest was almost the same as the prizes, within a few pounds.

 

I think to be in with a chance you need to invest a lot, but at least its safe, you won't loose it.

[GardenKit]

We get regular £50 prizes, but probably only just return around 1.5% each year. We did however have a good year about 8yrs ago with one prize of £5000 which was quite handy ( have not worked out what that did for the interest rate)

 

Its more fun waiting for the envelope from Ernie than the monthly statement from Santander though.

 

And you can get at your money quickly if you need it.

[cornish wood burner]

Can you post a link to the Santander current accounts that offers better rates than 1.35% posted return from Premium bonds? Because I couldn't find it this morning.

 

Yes I must learn how to do that sometime, sorry. Computer illiterate only on this sofa.

Consulting with the boss she says its the 123 current account. You can have up to £20k in that one. You need money in and a couple of dds out I believe, pays 3% I am told. Lloyds is £5 k but 4%. Similar conditions. TSB £2k but 5 % None pay any interest over their limits.

Hope that helps.

[eggsarascal]

Yes I must learn how to do that sometime, sorry. Computer illiterate only on this sofa.

Consulting with the boss she says its the 123 current account. You can have up to £20k in that one. You need money in and a couple of dds out I believe, pays 3% I am told. Lloyds is £5 k but 4%. Similar conditions. TSB £2k but 5 % None pay any interest over their limits.

Hope that helps.

 

Current Accounts | 123 Bank Account - Santander UK

 

Fair play, but it's not the sort of thing I'm looking for. I want to stick a few quid away and not think about the in/out goings.

[eggsarascal]

We get regular £50 prizes, but probably only just return around 1.5% each year. We did however have a good year about 8yrs ago with one prize of £5000 which was quite handy ( have not worked out what that did for the interest rate)

 

Its more fun waiting for the envelope from Ernie than the monthly statement from Santander though.

 

And you can get at your money quickly if you need it.

 

1.5% each year and being able to get at ya money quick ain't to bad IMO.

 

Your the second person that as told me they have had a "touch" off PB's.