The Money Lottery

waverider

I would like to think that most of us have hard earned savings of some kind, Today I went to my Building Society to update my monthly paid interest account, after the print out in my book I was getting a measly £19.50 per month after tax!. Yes I know that interest rates are low but the greedy lenders still rake in fortunes from their loans with our money that they lend.

I work hard like most of us, save, pay into a private pension and do the Lottery every week, I also dabble a little on the stock market. Yesterday I was talking to one of my customers and the subject of the Premium Bonds come up, He told me that every so often when he has some money saved he buys a bond certificate i.e. the last amount was £500.00 = 500 Premium Bonds prior to that was £100.00, to date he has invested a fat chunk by doing this over the years. He claims that he receives about 7 wins a year on average from the monthly draws and last years prize income came to the total of around £1,200.00 which is not bad at all!. Two years prior I knew a Fireman whom had a similar story to tell!.

So breaking this down, If things take a dive or I make a wrong decision I could blow me money on the stock market, Private pension schemes have taken a hammering but are on the up and index linked so we don't really know what to expect when we retire. If say £10,000 was in a Building Society the interest for a year would be around £300.00 and not keeping ahead with inflation. £10,000 in Premium Bonds means no interest BUT could win the Million or cash prizes. And every time you bet on the UK lottery if you dont win you lose the money forever!

jimbo

I had PBs for a while WR and made a bit out of them. You're right though, in the current climate, quite a good investment. The more you invest the more prizes you can win....they actually say that.

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Jimbo

waverider

Well Jimbo I think they are worth a shot m8... I told the Building Society today that I wasn't happy with them taking the p*ss and was pondering on closing both my accounts! ...if I stopped playing the UK lottery and saved that money too = £500,00 a year = 500 PBs and unlike the Lottery more chance of winning and I get my money back if I want!

rolfw

I've got a couple of thousands worth, had about £800 wins in the last 3 years, so not a bad return.

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jimbo

I'm going to buy some again...w.e.f tomorrow.

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Jimbo

waverider

Stop it Rolfw! .....I am getting really tempted now m8. But seriously I am thinking of marching down the building society tommorrow. I have been told by the PBs people it's best to buy bonds in lumps of either £500.00 or amounts upto a £1000.00 until you reach the max! as it gives you more chance of winning prizes, rather than buying say the limit of £30,000 straight off, as it spreads your numbers. What do you think?

waverider

I don't blame you Jimbo, I am now thinking to stop playing the UK lottery and the money I save from that buy bonds with it as well as my savings!

rolfw

It isn't a bad thing, you still have your capital sum, but of course you cannot guarantee a good win volume, mine was improved by a £500 win, wouldn't have been bad without, but........

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waverider

Thing is Rolfw...everyone I have spoken to so far has a similar story to tell!..I haven't met anyone yet who hasn't had a prize from the PBs.

drag0nfly_69uk

how come i've NOT won anything, i've had mine for 12 yrs now

Channel Hopper

I think you may have to get to know Waverider a bit better, he is the man on the PB pulse (a bit like the dwarf in the lotto machine)

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There is a very fine line between "hobby" and "mental illness"

jimbo

I don't think the odd pound one goes in the draw now. Seriously though, anyone with old PBs which aren't winning would be better to cash them in and reinvest.

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Jimbo

cslogg

If I have £1000 to invest in PBs would it be best to buy 2 x £500 or 1x £1000 ?

cslogg

waverider

Well today I have just been looking on channel 4 Teletext (I think it's page 530) although there are people winning prizes with the maximum investment (30,000) there are quite a few who win on a much lower one and the win has exceeded their capital!

waverider

I think the little man in the Lotto machine has been 'taken out' CH in case he talked!....their new method is done by the guy who's payed fortunes each week (To keep schtum!) by loading selected balls in a rack that slides into the back of the machine!

waverider

Well I spoke to the people at PB's Jimbo and they did say the more capital you have invested, the more chance of winning so I would agree with you that £10,000 has much more chance than £1.00

waverider

Well you have to weigh up the odd's, myself I would put the whole lot on in one go! then you get a good run of numbers m8..........I was thinking of splitting 10K up into increments of £1000 but I think the chances of winning are probably better buying in one lump! The minimum investment is £100, so to increase your chances it's probably better to wait and save a bit more to get the £500

cslogg

I have today taken the plunge and bought £2000 in PBs.
I have taken it from my open plan bank account so I know I will lose the interest that the £2000 would have saved me on my mortgage but I feel its worth the risk.

cslogg

jimbo

Good luck cslogg and, if you don't mind please let us know if you have any success.

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Jimbo

waverider

Yep it's worth a try cslogg....after all what have you to lose? only a poor interest rate, and building society's dont give prizes for your money being with them! But remember m8 it takes a calender month to process your draw numbers, so your first draw date will be April. The comment my wife made was see what I win in a year and if it is less than BS interest then cash in the bonds and put the money back in the BS.

cslogg

Waverider.thats exactly what my wife said.

cslogg

waverider

Although I hate to admit wife's are right most off the time m8!

jimbo

Same here M8...I married Miss Right that's true but I didn't know her first name was always.

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Jimbo

waverider

LOL....how is it that they are pyschic too?

waverider

Latest on the PB's....Due to crap interest rates and a failing stock market, in January there has been a massive surge of investers in PB's....The odds strangely are not lower because of this input but increased!....in March there will be around 888,000 prizes!