Premium Bonds

[GIDDLEPIN]

I have had £30 worth for about 25/30 years now and had forgotten all about them

Until.....................They sent me a winners cheque for £100!!! WOOHOOO!

[Devil-ish]

:D ...I've got plans for the £100................................................................. :P

[Calisto]

Nice one guys......I have a £5's worth for 31 years and nothing ;) mebbe I should check on line lol.

[sphinktar1988]

had £15 since was 1 and i got a cheque for £50 when i was 12 but nothin since

[Moffmo]

while this is here does anyone want to explain premuim bonds

[Boro Sera]

dead easy.

It's a state run thing. you buy bonds ( min purchase 100 quid nowadays ) and each one has a unique number. There are monthly draws and if your number comes out there's a cash prize of anything up to a quarter of a million.

These bonds last forever though, so they are for as long as you hold them, not for one draw ( like a lotto ticket ). At any time you can cash them back in for the face value. It's like a savings scheme without paying interest.

Obviously, the more bonds you have, the more your chances of getting a cash payout. They've been around for decades - more info can be found at the post office I reckon !

[DaveSR]

dead easy.

It's a state run thing. you buy bonds ( min purchase 100 quid nowadays ) and each one has a unique number. There are monthly draws and if your number comes out there's a cash prize of anything up to a quarter of a million.

These bonds last forever though, so they are for as long as you hold them, not for one draw ( like a lotto ticket ). At any time you can cash them back in for the face value. It's like a savings scheme without paying interest.

Obviously, the more bonds you have, the more your chances of getting a cash payout. They've been around for decades - more info can be found at the post office I reckon !

Thanks for that - often wondered myself

[Boro Sera]

The general concensus is that you need several thousand of them in order to regularly win something.

Several thousand pounds can be invested in standard savings accounts and gain interest. It's all a question of whether you'd rather have the interest, or be entered into a prize draw every month for the rest of your bond ownership.

In these uncertain financial times ( Northern Rock springs to mind ) , premium bonds are a totally safe investment - but unless you get some wins, they aren't the best return.