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Premium bonds

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Whats the craic?

At the moment i've got a student loan just sitting in a bank account doing nothing so after buying books etc i could easily afford to put away £500 into a premium bond.. is it worth it though and would it be risking losing my money?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I don't think it's possible to lose money. The most you risk is not gaining anything, but you're not doing that anyway by leaving it in the bank.

    http://www.nsandi.com/products/pb/index.jsp for more info :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Premium bonds are cool if you have money to play with. You don't lose your intial investment, but you aren't paid interest on it either. You just have to hope your numbers are drawn at some point. Any winnings are non taxable as well.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    My mother created premium bonds for myself and my sister.
    Now we are talking back in the 80's but apparently she started with £1, and come the time we turned 18, we both come out with approx £800. So I would reccommend them, and I cant say investing is a bad thing, if you have the money.
    Also I believe it is tax-free?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    icey wrote:
    Whats the craic?

    At the moment i've got a student loan just sitting in a bank account doing nothing so after buying books etc i could easily afford to put away £500 into a premium bond.. is it worth it though and would it be risking losing my money?

    I think you're better off putting your money in the bank .. but even I've got £100 wort of bonds, the main selling point is they get entered each money to win £1 million.

    When I worked in a bank for work experience I'd see loads of cheques going to winners - maybe 10 a week except most of them were for stupid amounts like £5
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i have £500 and i won £50
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Joolyknockers wrote:
    Premium bonds are cool if you have money to play with. You don't lose your intial investment, but you aren't paid interest on it either. You just have to hope your numbers are drawn at some point. Any winnings are non taxable as well.

    I think its a good idea to use Premium bonds with money your not using, its better than just having it sitting in the bank and at least with Premium bonds you got the chance to win a few quid.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Well i've set one up, only put £100 into it but hey, its better than nothing eh!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Good luck for the 5 x £1,000,000 draw :thumb:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ta :D
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    if you have some spare, put some in a high interest mini isa (tax free)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i've had my student loan paid into one already (mini isa) :thumb:
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