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By (user no longer on site)
over a year ago
|
"Should I do this to invest money? I'm a money dunce
Well you can win a million with no risk to capital.
New interest rate is 3%"
Hold up I can invest and have a chance to win more with no risk to capital? Sounds too good to be true, what’s the catch? |
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By (user no longer on site)
over a year ago
|
"Should I do this to invest money? I'm a money dunce
Well you can win a million with no risk to capital.
New interest rate is 3%
I thought there was no interest paid on them"
There isn't, the 3% will be the prize fund. |
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"Should I do this to invest money? I'm a money dunce
Well you can win a million with no risk to capital.
New interest rate is 3%
I thought there was no interest paid on them
There isn't, the 3% will be the prize fund."
Correct, so prize fund has increased |
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By *nd-D OP Couple
over a year ago
portsmouth |
"Should I do this to invest money? I'm a money dunce
Well you can win a million with no risk to capital.
New interest rate is 3%
Hold up I can invest and have a chance to win more with no risk to capital? Sounds too good to be true, what’s the catch?"
No catch.
No guarantee you will win anything ,it’s all down to Luck , it’s a government backed savings plan , with easy access.
You can get better interest rates elsewhere, however I treat it as a place to save and bit of fun each month , hoping for the big one.
The prize fund has been increased this month to 3 %
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By (user no longer on site)
over a year ago
|
"Should I do this to invest money? I'm a money dunce
Well you can win a million with no risk to capital.
New interest rate is 3%
Hold up I can invest and have a chance to win more with no risk to capital? Sounds too good to be true, what’s the catch?"
You hardly ever win even a small prize so the risk to your capital is inflation. I used to win average 7 times a year. They cut rates and I was lucky to get one £25 win a year |
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Premium Bonds only really make sense if
(1) you have a large amount invested so that the portfolio returns regularly rather once in a blue moon
and
(2) You are a higher rate taxpayer. Unlike the interest from other no-risk products like high interest bank accounts and fixed term deposits, the gains from premium bonds are not taxable. But if you are a basic rate taxpayer you will generally do better with a high interest account or fixed term deposit, even after you have paid the income tax. |
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With the current rates of winning you need about 10k “invested” to with average luck earn 2%.
They used to be pushed hard, but now are very easy to beat with “high rate” lol savings accounts.
1k would on average over five years earn £75. So now you have £1075.
With 4.55% now available for 3 years and 4.54% for 2 years fixed savings
1k is after 5 years £1240 (3 at 4.55% and 2 at 4.54%) that’s 24% vs 7.5%.
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By (user no longer on site)
over a year ago
|
"Should I do this to invest money? I'm a money dunce
Well you can win a million with no risk to capital.
New interest rate is 3%
Hold up I can invest and have a chance to win more with no risk to capital? Sounds too good to be true, what’s the catch?
No catch.
No guarantee you will win anything ,it’s all down to Luck , it’s a government backed savings plan , with easy access.
You can get better interest rates elsewhere, however I treat it as a place to save and bit of fun each month , hoping for the big one.
The prize fund has been increased this month to 3 %
"
I'm sure I read somewhere that almost £300million in total was paid out last month |
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