Premium bonds info please.

[Fade and Die]

Thanks for all the advice. I even understood some of it.
The money will only be in there for a year at the most, so not expecting much, just until I can afford my Tesla Kia Niro Renault Zoe Nissan Leaf

Think PBs are perfect for you, you will get a few little wins which is nice and you are in the draw for the bigger ones every month. (Someone has to win them, why not you?) In the event of a financial crash, your money is safe and can be accessed easily in a few days.

I’ve not looked for a while but if the best you can get on £10k is 4% then why not take a punt on the PB?

 

[bobmac]

I’ve not looked for a while but if the best you can get on £10k is 4% then why not take a punt on the PB?

I think I will, and if I do win I can tell my smug neighbour who loves telling me when he wins something
Thanks for everyone's advice

 

[backwoodsman]

I've got a decent dollop in Premium Bonds - although not quite the full permissible amount. You need about £25k to be 'guaranteed' a win each month. Over last 2 years I've averaged winnings of about a 1.1% return on the amount in there. That was a decent return, whilst interest rates were below 1% but not now. The overall national return on the investment pot - interest if you like - has recently been increased to about 3.6%. (Your winnings are your interest). But that of course includes the 'return' of the £1million and other big prizes - of which there is negligible chance of an individual winning. (If I recall correctly, the chance of an individual bond winning the big prize is about once every 15,000 years?). 3.6% does not represent what the individual PB holder is likely to get. If you've got a few quid spare and want a safe investment, then you're much better off putting it into an Easy Access savings account, or a 'short notice' savings account where returns are about 3.5% pa . The return will be guaranteed, and much more realistic. My money is coming out of Premium Bonds in the very near future.

 

[MiurasFan]

I think I will, and if I do win I can tell my smug neighbour who loves telling me when he wins something
Thanks for everyone's advice

Bear in mind that EV prices are 'expected to increase by 10% by 2024', so it's not simply a case of comparing savings interest rates. That could, of course, simply be hype to increase incentive to buy now! Disclaimer...I'm by no means a 'financial adviser' - I've been stung somewhat both by waiting and by leaping! But overall, early, considered commitment has saved more than it has cost.

 

[bobmac]

Bear in mind that EV prices are 'expected to increase by 10% by 2024', so it's not simply a case of comparing savings interest rates. That could, of course, simply be hype to increase incentive to buy now! Disclaimer...I'm by no means a 'financial adviser' - I've been stung somewhat both by waiting and by leaping! But overall, early, considered commitment has saved more than it has cost.

Would that not just be the price of new EVs?
I'm looking at 2nd hand around 5-6 years old.

 

[Bunkermagnet]

Paragon Bank are doing 4% for a 1 year fixed rate account

 

[need_my_wedge]

I had a fair few for about 5 years. Wins never totaled more than about £100 over that time. Was better than the interest rate at the time, but wasn't the return I was hoping for

No win, no return, other than you can withdraw your money at any time.

 

[theoneandonly]

Some reasonable 1 and 2 year fixed bonds about now. Your money is tied up though.

 

[bobmac]

Paragon Bank are doing 4% for a 1 year fixed rate account

That would be useful but as I said in post no.7

I would like to be able to get at the money quickly too if the right EV comes along.

 

[Bunkermagnet]

That would be useful but as I said in post no.7

I'm sure a man of your intelligence would be able to choose a more suitable product then
I'm just throwing that bank into the mix. I have found them very quick to up the interest rates even before the base rate is increased.

 

[MiurasFan]

Would that not just be the price of new EVs?
I'm looking at 2nd hand around 5-6 years old.

Probably more predictable then, but still a variable to consider.

 

[Doon frae Troon]

WE are getting slightly more than the interest rate on ours over a 12 month period.
Happy with that and always the hope of a big win.

 

[jim8flog]

Would that not just be the price of new EVs?
I'm looking at 2nd hand around 5-6 years old.

Just about at the point when it will need new batteries judging by a program I watched on CH4.

 

[fundy]

Just about at the point when it will need new batteries judging by a program I watched on CH4.

EV thread this way >>>>>>>>>>>>>>>>