This thread has definitely got me interested in putting a chunk of my savings into Premium Bonds.
One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
This thread has definitely got me interested in putting a chunk of my savings into Premium Bonds.
One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
You have immediate penalty free access to the funds, Tom.
Blimey x 2. Having got easily my best taking last month of £500, I fully expected zero this month as a punishment, but I got £275, which I’m pretty sure would have been my best ever had it not been for last month’s bumper.
I’m hoping for a 4% return this year, which would make it comfortably better than any UK instant access account I hold, and this certainly looks achievable now. Looking at the frequency and size of wins for fellow Lifers on this thread you can easily see the effect of NS&I increasing the effective % rate of the prize bond pool.
This thread has definitely got me interested in putting a chunk of my savings into Premium Bonds.
One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
You have immediate penalty free access to the funds, Tom.
To be clear they say within 3 working days so not quite as immediate as a bank/building society deposit. Can be important to remember
This thread has definitely got me interested in putting a chunk of my savings into Premium Bonds.
One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
You have immediate penalty free access to the funds, Tom.
To be clear they say within 3 working days so not quite as immediate as a bank/building society deposit. Can be important to remember
Thanks - I’d saved up quite a lot to buy a house, but due to the difficulties in selling flats post Grenfell I’ve found myself stuck for a few years but saving more and more. Only recently started to make serious considerations as to how to make it work a bit more for me, but all the while still needing quick access to it in case the overall property problem is fixed. So a few days shouldn’t be a major issue that I can see.
anyone else take a punt on Zynex shares yesterday? Might be daft but the fundamentals are in a much stronger position than the last time they were at this price.
anyone else take a punt on Zynex shares yesterday? Might be daft but the fundamentals are in a much stronger position than the last time they were at this price.
put on the shares thread, definitely worth a short term punt once there's a bounce. Big 30% gap to be filled. Great risk:reward imo
This thread has definitely got me interested in putting a chunk of my savings into Premium Bonds.
One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
You have immediate penalty free access to the funds, Tom.
To be clear they say within 3 working days so not quite as immediate as a bank/building society deposit. Can be important to remember
Thanks - I’d saved up quite a lot to buy a house, but due to the difficulties in selling flats post Grenfell I’ve found myself stuck for a few years but saving more and more. Only recently started to make serious considerations as to how to make it work a bit more for me, but all the while still needing quick access to it in case the overall property problem is fixed. So a few days shouldn’t be a major issue that I can see.
If you go with NS&I, be very careful to set up the app correctly with your nominated bank details etc added. I personally would then test it out by selling a £1 bond to check the money arrives back into your account. I mention this as getting through to them on the phone is a nightmare with v long hold times. The people on the end of the phone (they outsource back office) don’t always get things right - talking from experience!
This thread has definitely got me interested in putting a chunk of my savings into Premium Bonds.
One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
You have immediate penalty free access to the funds, Tom.
To be clear they say within 3 working days so not quite as immediate as a bank/building society deposit. Can be important to remember
Thanks - I’d saved up quite a lot to buy a house, but due to the difficulties in selling flats post Grenfell I’ve found myself stuck for a few years but saving more and more. Only recently started to make serious considerations as to how to make it work a bit more for me, but all the while still needing quick access to it in case the overall property problem is fixed. So a few days shouldn’t be a major issue that I can see.
If you go with NS&I, be very careful to set up the app correctly with your nominated bank details etc added. I personally would then test it out by selling a £1 bond to check the money arrives back into your account. I mention this as getting through to them on the phone is a nightmare with v long hold times. The people on the end of the phone (they outsource back office) don’t always get things right - talking from experience!
I applied to open up the account last night with the intention of just doing £25 as the first purchase to see how it works - and then putting the rest in at the end of the month.
The NS&I digital tech is what you might expect from a digital granny. They recently proudly announced two-step login, because, well, this is the thing now.
Except that in their case you have to manually enter your NS&I number - different to the number you use to quick-check your Premium Bonds- each time, and then the second step is an automated phone call which reads out your one time code for the second step. Which is cumbersome enough if it works. But last night while trying to check interest on my income bond, call came there none. Three times. So I was effectively locked out. Fortunately I didnt need the money, but somebody might. No sign of a general outage note on their Twitter feed, where I’ve expressed my displeasure.
The NS&I digital tech is what you might expect from a digital granny. They recently proudly announced two-step login, because, well, this is the thing now.
Except that in their case you have to manually enter your NS&I number - different to the number you use to quick-check your Premium Bonds- each time, and then the second step is an automated phone call which reads out your one time code for the second step. Which is cumbersome enough if it works. But last night while trying to check interest on my income bond, call came there none. Three times. So I was effectively locked out. Fortunately I didnt need the money, but somebody might. No sign of a general outage note on their Twitter feed, where I’ve expressed my displeasure.
Amateurs.
I think if you use your mobile as the number on account, they'll send you a text.
When 2FA came in I set up a pin, trusted the device I was on and not had to worry about it since?
The NS&I digital tech is what you might expect from a digital granny. They recently proudly announced two-step login, because, well, this is the thing now.
Except that in their case you have to manually enter your NS&I number - different to the number you use to quick-check your Premium Bonds- each time, and then the second step is an automated phone call which reads out your one time code for the second step. Which is cumbersome enough if it works. But last night while trying to check interest on my income bond, call came there none. Three times. So I was effectively locked out. Fortunately I didnt need the money, but somebody might. No sign of a general outage note on their Twitter feed, where I’ve expressed my displeasure.
Amateurs.
I think if you use your mobile as the number on account, they'll send you a text.
When 2FA came in I set up a pin, trusted the device I was on and not had to worry about it since?
Nope they have always called me. If I had seen an option for text I’d have chosen that. I only see an option to choose a different number.
I was one of the many who bought saga shares when they were floated at 1.85,they are now worth about 10p and I and thousands of other innocents have done their hard earned dough.Fair enough you take your chance,but what is galling is the amount of 100k plus people they employ and the performance bonuses they get for basically presiding over a declining company while shareholders take the hit.Anyone else in the same boat.
Are you sure about those prices? I have them showing at a price of about £1.14 now having been somewhere north of £30 back in 2016/17. Nonetheless, I take your point, and I've had several similar experiences with poor investments. Youre bound to get burned occasionally when buying individual shares, best use it as a learning experience.
The NS&I digital tech is what you might expect from a digital granny. They recently proudly announced two-step login, because, well, this is the thing now.
Except that in their case you have to manually enter your NS&I number - different to the number you use to quick-check your Premium Bonds- each time, and then the second step is an automated phone call which reads out your one time code for the second step. Which is cumbersome enough if it works. But last night while trying to check interest on my income bond, call came there none. Three times. So I was effectively locked out. Fortunately I didnt need the money, but somebody might. No sign of a general outage note on their Twitter feed, where I’ve expressed my displeasure.
Amateurs.
I think if you use your mobile as the number on account, they'll send you a text.
When 2FA came in I set up a pin, trusted the device I was on and not had to worry about it since?
Nope they have always called me. If I had seen an option for text I’d have chosen that. I only see an option to choose a different number.
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One thing I’m unsure of though, and I hope someone can clarify - how accessible is the money once you’ve put it in?
For example, if I put 50k this month could I then just take the 50k back out in a few months time if I decide to use it for something else? Are there any penalties/restrictions?
You have immediate penalty free access to the funds, Tom.
You just have to remember you have to have deposited the money for one whole calendar month before you are entered into a draw.
i.e. deposit today and the next draw you will be in will be the beginning of July. So always best to do towards the end of the month,
Thanks - I’d saved up quite a lot to buy a house, but due to the difficulties in selling flats post Grenfell I’ve found myself stuck for a few years but saving more and more. Only recently started to make serious considerations as to how to make it work a bit more for me, but all the while still needing quick access to it in case the overall property problem is fixed. So a few days shouldn’t be a major issue that I can see.
doesn't get much love though. Taken an interest in technical analysis the last year or so, so would like to see it get more posts.
When 2FA came in I set up a pin, trusted the device I was on and not had to worry about it since?