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finkennedy | Are UK Premium Bonds a complete waste of money? |
They say there are 2 one million pound prizes a month and other prizes worth up to £100,000 - but you never seem to hear about anyone winning these larger ones. I've had the odd £50 win and so have other people i know, but surely between us we should have heard of someone winning more than that. But we haven't. Is it all a big scam? What do other people think? |
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simplesimon
 |
The nice moneysaving expert people explain it all here:
http://www.moneysavingexpert.com/savings/premium-bonds
Basically, the maths says its not worth it. Its not a terrible return on your money, but its better just sticking it in a savings account.
It is not a scam though! |
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tonytucks
 |
No they are not a scam and you always have the option of getting your investment back and you can win good prizes ive won 2x£50 and a big £100,000 with bonds totaling £1,600 held for 4 years now,try doing that on the national lottery,you'd have more chance of being struck by lightning! |
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Fragile Rock
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I don't think they're a waste of money as you can get your money back at any time you want (I think). |
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Dave J
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How can they be a waste of money?
Lets say u have a spare grand....
its sat in a savings account earning a bit of interest
Put 1000 lucky dips on the lottery
u may win a few hundred quid if u r LUCKY. - Soon it'll be all gone
Buy £1000 of premium bonds - leave them for a year or two - you might not win but at the end of the 2 years you've still got your £1000.
If u want a complete waste of money... give it to me lol |
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mistymiss
|
Probably are a waste of money. I have had Premium Bonds from when my first child was born, over 40 years ago, and purchased some in between then & now, but never won a penny. Yet I used to know somebody who won nice sums of money quite a few times
BTW, can anybody beat my record of over 40 years without winning |
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Essex boy
 |
No I think they are an excellent investment as you can't lose money on them.
Plus you always have the chance of that big win one day. |
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noitall Yorkshire England (U.K.)
|
You say you never hear of anyone winning, I do, I had a £100 & 2 £50's this month for instance.
Depends how many you hold, the odds are 15000 to 1, so if you hold £100 in bonds you could expect to win 1 prize every 150 months (12.5 years), on the other hand if you hold the maximum £30000 in bonds you should get 2 prizes per month
Maybe they just don't tell you when they win, they just treat you like a mushroom, keep you in the dark & **** on you twice a year. |
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robmurfitts
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Sounds dodgy to me - i have NEVER known of anyone who has ever won a penny with them. |
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Curious Steve
 |
No
you can actually get your money back, so if you invest £100 when your bored you get your £100 back.
how many gambling companies allow that? |
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sm
 |
yes |
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~Ben~
 |
i think its a scam |
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