Premium bonds or saving account.

[Woodworks]

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?

 

 

We put a good sized sum into them. Never had average luck so ended up being worse off than a poor savings account.

[Mark Bolam]

I had a lump invested once (maximum) that returned about 11% in the first year, loads of £50 wins.

It died a death after that for some reason.

 

 

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[cornish wood burner]

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.

 

Thanks eggs

In that case I think you will struggle to get anywhere near 2% so premium bonds become an interesting choice.

If you fancy a gamble there are many varied stock market linked accounts. Interest varies with risk so you can pick to suit your situation. Your bank should be able to advise.

[Riggerbear]

On a slightly different train of thought but have you considered putting solar panels on your roof ?

Quite a good return over the 20 year feed in tariff period.

[rovers90]

I have had £4k in Premium Bonds for a while and get about 4 or 5 cheques for £25 each year. Not a great return but I see it as an alternative to the lottery (cannot remember last time I won a tenner) with the benefit that you still have your capital.

 

Or if you have a mortgage it may be beneficial switching to an offset mortgage - you wouldn't receive interest but instead you save interest on your mortgage.

[mendiplogs]

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?

 

HI EGGS you no i said to you on phone and it not to make house larger:lol:clive will help you out :lol:thanks jon

[ArthurBottlesworth]

My wife has read somewhere that its better to have a block of pb's rather than odds and sods

 

Ie if you have bought them over a long period of time - sell them and buy a block

 

Logic defeats me, but she is sums teacher.......

[GardenKit]

I had a large amount of PB's dating from the 1960's to present. I cashed them in last autumn when I needed the cash to 'bridge' a purchase.

Then, when the cash was released from the 'bridge' I reinvested in a 'block' but the wins so far (OK, only 9months) have been roughly the same as before.

[Warners]

Go for Premium Bonds... You'll always have the capital and you never know you might land a big one...!

[easy-lift guy]

Hi egg. Over here I would be shopping for a financial advisor. A fuduciary would be the title, meaning someone that only represents your interest and not the firms. Many to choose from I am sure. What is your risk tolerance?, make sure that any and all fees are as low as possible. After all it's your £££££ and you just want a better return than 1.5% I have read so far.

Take care.

Ted