Premium Bonds Worth it Still? What I won with over £10k

What I won in premium bonds from January 2023 to January 2024.
NS&I have decreased their premium bonds prize fund rate from 4.65% to 4.40%, could this be the end of high savings rates and are premium bonds still worth it in 2024.

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[robbieross]

Premium Bonds and ISAs are the answer in my opinion, then all your interest and winnings are TAX FREE!! Yes you can find slightly higher interest rates in savings accounts but by the time you pay the ruddy tax on the interest on it you’re no better off. However for Premium Bonds to really work for you you do need the full 50K or close to it. I have the full wack and average at about £125 / month.

[nls]

Thank you. Is there a link to open a premium bond ? Is there a minimum amount ?

[ImFarRightApparently]

Its that or lotto, I've just invested £400 in the understanding it'll stay there for many years, well into my retirement in the hope of winning the jackpot. When you've mentally came to that decision it's not that bad. I know of people spend lots of money on the lottery hoping to win.

[kaxar]

I made £275 in the January draw. But I have close to the max so I need to make a lot more. Would love to get one of the high value prizes. Might open a new ISA in April and cash out some of my bonds.

[kinggeoffrey]

Is there a best time to invest? Or doesnt it matter?

I haven't won anything yet.

[mubeenabdullah]

My father advised me to "invest" in the premium bonds scheme ... he told me if nothing (as in the prize) comes into your account then they'll still withold the amount that you've put in ... i've been watching islamic clips on bonds in general and i'm still unsure of whether i should put my money into this as most islamic scholars/academics say its either prohibited or stay away from it if you're unsure ... do you have any info that you can pass on which could shift my mind to a more stable place on this matter. ?

[tariqphoto]

In April when we get a new ISA allowance, i think im might withdraw my premium bonds and put them into the new ISA allowance. I don't have average luck unfortunately

[daviniarobbins]

Which is better? Several bonds each of £25 or one lump sum? Or does it not really matter?

[dynasushi]

Such a low decrease, after maxing out personal allowance and ISA etc it’s the best place to put upto the max. I won 625 last month at full holding. Plus there will be more £25 prizes too.

[pagrant]

I would not say the £25 is dreaded if you get a few per month/year, it is getting zero in a year

[pagrant]

It would be good if NS&I did some £10 prizes each month, or even £5 prizes

[matthewhester]

It could go back up way things are going

[cgo]

I've had £5, 000 in premium bonds for less than 12 months and won a total of £250 for a return of 5% in less than a year - so, I'm happy (so far).
I read somewhere that £5, 000 is the minimum you need to invest in order to have the best chance of achieving the prize fund rate.... This seems to be true in my case.
I'll be doubling my stake to £10, 000 in a few months, and it'll be interesting to see how things turn out thereafter.

[mbingham]

They are not all that you wont win much if at all it is winning its just a low interest rate payout really

[venturout]

You and I have roughly the same amount of bonds, I have £10, 250.
I won nothing for six months when I first invested then the prizes came rolling in £100 August 23, £100 Oct 23, 2x£100 December 23, £100 Jan 23 and £500 Feb 23.

That’s roughly 10% return.

It is purely luck of the draw.

[TazBo-wdig]

Premium Bonds are Haram. No muslims should buy these under any circumstance or put their money into any interest savings accounts.