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Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 17 2021 8:47am
by xrppzi
kevinchess1 wrote: ↑Wed Jun 16 2021 10:59pm
kevinchess1 wrote: ↑Mon Oct 26 2020 5:01pm
Amongst me winning checks this month was a note to say that, from January, they won't be posting out winning, they will pay them into your nominated account
Shame, quite enjoyed getting a check in the post
AND today I get a cheque in the post
So did I - obviously no-one in the office!
Re: Premium Bond withdrawal & reinvestment
Posted: Sat Jun 19 2021 9:49am
by planteria
that's good for you both.. payments direct to bank accounts are the way they're moving though.
i just ensured they have the correct bank details and am happy when payments arrive.
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 10:14am
by poland71
FWIW. Sometimes it's worth having a clear-out and then reinvesting in a new bunch of consecutive numbers. Even though NS&I deny it, saying every bond has an equal chance of winning, it is funny how recently purchased bonds win BIG! It's like ERNIE has forgotten about bonds bought way back in 1956. Take for example one of the recent £1 Million pound winner in May 2021. The Bonds were bought in February this year (2021) so had to sit idle through March as per their rules, in April it didn't win, but wow! the very next month scoops ONE MILLION. It's all a gamble, life's a gamble, do you risk being outside the draw as your investment sits idle for a month. The choice is yours. At least buying a block of bonds now rejiggles ERNIE'S memory that you DO ACTUALLY EXIST!
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 10:43am
by kevinchess1
It’s good to have a conspiracy theory early in the morning.
My sister got some bonds for her 16 birthday in the 70s never won a penny.
My other sister brought some in the 00s and has regular wins, not all of them are the lowly £25
Who knows/cares?
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 10:49am
by pabenny
poland71 wrote: ↑Thu Jun 24 2021 10:14am
FWIW. Sometimes it's worth having a clear-out and then reinvesting in a new bunch of consecutive numbers. Even though NS&I deny it, saying every bond has an equal chance of winning, it is funny how recently purchased bonds win BIG! It's like ERNIE has forgotten about bonds bought way back in 1956. Take for example one of the recent £1 Million pound winner in May 2021. The Bonds were bought in February this year (2021) so had to sit idle through March as per their rules, in April it didn't win, but wow! the very next month scoops ONE MILLION. It's all a gamble, life's a gamble, do you risk being outside the draw as your investment sits idle for a month. The choice is yours. At least buying a block of bonds now rejiggles ERNIE'S memory that you DO ACTUALLY EXIST!
With respect, I think that's nonsense
There are simply far more recent bonds in issue than there old ones:
- older bonds are more likely to have been cashed in - on death, due to the holder wanting their money out, or having won a prize
- inflation erodes the relative value of older bonds so that the form a smaller proportion of the total.
I would actually say that cashing in and reinvesting the same sum
reduces the likelihood of winning due to the time your holding is ineligible for a prize.
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 10:57am
by Sarah
poland71 wrote: ↑Thu Jun 24 2021 10:14am
FWIW. Sometimes it's worth having a clear-out and then reinvesting in a new bunch of consecutive numbers. Even though NS&I deny it, saying every bond has an equal chance of winning, it is funny how recently purchased bonds win BIG! It's like ERNIE has forgotten about bonds bought way back in 1956. Take for example one of the recent £1 Million pound winner in May 2021. The Bonds were bought in February this year (2021) so had to sit idle through March as per their rules, in April it didn't win, but wow! the very next month scoops ONE MILLION. It's all a gamble, life's a gamble, do you risk being outside the draw as your investment sits idle for a month. The choice is yours. At least buying a block of bonds now rejiggles ERNIE'S memory that you DO ACTUALLY EXIST!
I don't think that's a genuine concern. It's presumably an effect of more bonds being relatively recently issued, simply as a function of time, inflation and limit increases, etc. The longer ago bonds were issued, the greater their loss of spending power and the higher the chance they've been redeemed; whilst the last limit increase was from £20K to £30K effectively enabling up to 50% more bonds to be issued for existing holders, if required. ERNIE has also been replaced/upgraded multiple times over the years and is externally audited. I've known someone involved in that and feel pretty confident they did a good job!
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 11:54am
by poland71
Limit now £50K. I remember queuing up between Christmas and New Year at the local post-office to buy a couple with my Christmas money as a pre-teenager, knowing they would be in the draw for February or was it a 2 month wait in the old days? But the bond had to be stamped by Dec 31st. Enjoyed checking the numbering system then that seemed to equate monetary value with the alphabet. "A" bonds were £1 so you'd get something like 2AF556308, and a £4 bond started with a "D", such as 5DW952006. "K" was £10, I think like car registrations there was no letter "I". Happy days. Now the numbers are massive 457WD222745...
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 12:54pm
by Sarah
Sorry, yes the limit has since gone from £30K to £40K and then £50K. Sometimes difficult to keep up...
Incidentally, just stumbled upon this announcement of the delay to phasing out warrants, which mentions "Spring 2021" but not a fixed date:
https://www.nsandi-adviser.com/nsi-will ... pring-2021
NS&I recognise that some customers have faced difficulties and longer waiting times when trying to contact NS&I to supply their bank account details – therefore, a decision has been made to allow customers more time in which to do this.
NS&I is sorry for the problems that some customers have experienced. The phasing out of prize warrants will not begin until it is much easier for customers to contact NS&I.
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 3:59pm
by planteria
poland's ideas re selling and buying back certainly shouldn't be necessary, and as far as i'm aware they aren't.
does "warrants" just mean prize payments that arrive in the post, to pay in to your bank account?
Re: Premium Bond withdrawal & reinvestment
Posted: Thu Jun 24 2021 4:49pm
by Richard Frost
planteria wrote: ↑Thu Jun 24 2021 3:59pm
does "warrants" just mean prize payments that arrive in the post, to pay in to your bank account?
Yes