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Changes to Premium Bonds

Moderator
Moderator
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Changes to Premium Bonds

The number of prizes are changing as well as the odds of winning.
Quote
Savers were delivered a fresh blow yesterday after the chances of winning a Premium Bond prize were slashed.
From June, there will be around 300,000 fewer prizes up for grabs each month.
The move will see almost £5million cut from the prize fund as the odds of winning for each £1 invested drop from 26,000 to one to 30,000 to one.

For me I still think they are reasonable value and a better option that playing the National Lottery (at least you can get your stake money back Wink)

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Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

13 REPLIES
Community Veteran
Posts: 5,322
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Registered: 21-03-2011

Re: Changes to Premium Bonds

Savers once again paying for the Bank crash and the need for Governments to print/borrow money.
Now Zen, but a +Net residue.
peem
Newbie
Posts: 8
Registered: 25-04-2010

Re: Changes to Premium Bonds

That's it then, I'm taking my (£1) bond out. That'll show em.
Community Veteran
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Registered: 23-09-2010

Re: Changes to Premium Bonds

Same old story. Savers basically bailed the country out of the mess it was it and no good deed goes unpunished.
Every man and his dog gets a good return from savings except for the savers themselves.
No need to plunder pension funds anymore.
Who'll be next when the net gets cast further?
VileReynard
Seasoned Pro
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Re: Changes to Premium Bonds

Bastards!
I bought some premium bonds today & was quoted the 1 in 26,000 figure.
This means the payback falls from 1.35% to 1.25%
These are not DM figures, so they can be relied on.

Community Veteran
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Registered: 12-08-2007

Re: Changes to Premium Bonds

I know a couple who have the maximum holding each. Each month they win up to 6 £25 prizes and the occasional larger one.
Community Veteran
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Re: Changes to Premium Bonds

I use savings in Premium Bonds to 'underwrite' the excess on motor and house insurance (putting the excess at the maximum) also to underwrite our own cover on boiler,  water-sewerage, and travel insurance. I've had to claim  once (boiler repairs)  but based on several years of possible insurance premiums am showing a return of around 7%.
PBs are as good as cash, readily accessible and 100% protected
VileReynard
Seasoned Pro
Posts: 10,588
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Re: Changes to Premium Bonds

It's a bit of a pain having to pay half a dozen cheques in each month, though.

Community Veteran
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Registered: 02-02-2008

Re: Changes to Premium Bonds

Pay in cheques?  Huh Not necessary.
Oddly, my wife likes to do that, I just get my PB wins paid straight into my bank account.
DaveyH
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Re: Changes to Premium Bonds

Quote from: HPsauce
I just get my PB wins paid straight into my bank account.

Me too. You can also have any wins automatically reinvested...
Community Veteran
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Registered: 21-03-2011

Re: Changes to Premium Bonds

My dear old Mum bought me my only Premium Bond on my birthday following the first introduction of Premium Bonds. It hasn't won yet! 
Now Zen, but a +Net residue.
Community Veteran
Posts: 18,547
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Registered: 12-08-2007

Re: Changes to Premium Bonds

hang in there!! One day, one day Wink
Moderator
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Re: Changes to Premium Bonds

I had my first win a year or so ago and it was on a bond held since 1961.

Forum Moderator and Customer
Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

VileReynard
Seasoned Pro
Posts: 10,588
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Registered: 01-09-2007

Re: Changes to Premium Bonds

I won 3 x £25 this month.  Grin