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Don't get me wrong, the return is basically carp, but I don't think there's any other instant (well 3-5 days max?) plan out there?
It's so typically Govt. it's untrue. Carrot and the stick scenario at its finest!
I like PB.
Safe place to dump 50k without worrying about the bank going bust, plus a gamble where you can't lose your stakes as JC said.
Only downside is the opportunity cost I.e. your ROI would be much greater elsewhere, this is good old fashioned risk versus reward.
Definitely a place for NS&I products in a balanced portfolio.
Also if you are an additional rate tax payer the interest sorry winnings are tax free which makes a huge difference.
Had a tax inspection once and it was queried why i didn't declare the £21 of interest i received on my current account during the year.
Well as an update I had my first win in August - all £25 of it!
I've been putting in money pretty regularly so it was nice to finally have a win. I've now got more off that one win than the money being in my bank savings account :->
I had no idea premium bonds were so popular.
I've never bothered with them.
I prefer to buy defensive equities, paying a good dividend (and REITs) on a low P/E.
Can you get all your money out in 3 days though - the money you put in I mean?
I can sell any of my equities (including ITs) in about 15 seconds.
Takes 3 days to clear through CREST, but I hold all in a nominee account, so the money is available to me pretty much instantly.
I have the full amount "invested" in premium bonds basically as a safe haven pot with a bit of monthly fun added in, £50000; this thread prompted me to look back over the year.
So on my £50000 "invested" over the year I got a grand total of £600. About 2 years ago I got £1000 one month so that makes up a bit.
As I said, it's a bit of fun and a very safe place to park a chunk of money with the chance, albeit small, of something coming up.
Just to add. To transfer money out takes three days, or so they say, with a linked account.
We've both had the maximum number of premium bonds each since March 2016. I keep tabs on our winnings and it works out around 1% per annum each.
As others have said, it's a place to stash some ready cash and a bit of fun.
I find it most fun to see if I got more prizes than my husband each month!
We also have an NS&I 'direct saver' account with a similar sum in that we set up at the same time. The rate now is 1% and used to be slightly more so that's done just as well, but it's a bit boring!
I tend to forget about all the money we have we NS&I either way, and it's reassuring to have that 'forgotten' money! Angela
Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing SuccessLearn more at http://www.completepropertysuccess.co.uk
I also post property updates on my Facebook Page
"It is the small decisions you and I make every day that shape our destiny" Anthony Robbins