Premium Bond prize rate increase to 1.4%: Will you win more?

After 18 months at 1%, NS&I have finally increased the win rate on Premium Bonds to 1.4%.

What does this mean for your savings, and how does it compare to other accounts such as Chase Bank?

W A T C H N E X T

#Premiumbonds #Savings #UKSavings

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A B O U T A N D Y

DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

[Richard_Barnes]

About right now I’ve pulled out 🤦🏻‍♂️ Had a shocking past year and 2022 has been appalling. So I moved mine into Chase to get some guaranteed interest on it for a year. 🙂👍🏻 Good info, thx Andy.

[andrewmeasures]

Hi Andy. Great video. Thank you. I've had the max in bonds for three and a half years and so far my average return is 1.68%.
I guess I have been lucky so for the time being, my bonds are staying put. All the best.

[cloudyskies]

Needs to be back to 2% before I waste any time working out if I can gain any benefit.

[thinker]

Thanks for your useful advice. My dad had some and I remember him talking about Ernie in the 70s. I don't think he had bought many and possibly his returns reflected this. I think he was philosophical about results and was content with having them. I've decided to start my own experiment with them, I just started at the end of the month (thanks for that tip!) I appreciate your straightforward practical approach Andy. Thanks!

[presterjohn]

I'm putting £3k I have moldering in a Nationwide account on bugger all interest into Premium bonds. I could add it to my Virgin savings account but quite frankly fancied the punt. I stopped doing the lottery 15 years ago and kind of miss the dream of winning and the flights of fancy that go with that. The money was always meant to be my emergency fund otherwise it would be in stocks and shares or something and so, therefore, quick access is important also. I did win £50 on a £25 bond decades ago (bought a bike) so it has been good to me in the past.

[beltingtokra]

Great video, I was lucky, in my first month of having £50, I doubled my money, but not had anything since and don't expect to.

Also, it's £14, not £10.40

[minimad]

Thanks for the update Andy. Still holding mine as other funds growing in easy access accounts. It's always the what if I win a million moment that keeps people invested in premium bonds. The easy access rate may have to go to at least 2% for me to move the funds but that's just me.

[charlottet]

Interesting... had no idea about this. 
Do not really understand why it's worth risking it if you can save with Chase for 1.5% or Nexo (I'm getting 8% interest there on my GBP!)
I find it funny howJP Morgan Chase came into the UK and just put all other bank rates to shame!

[bill-]

January to December and I've had 1.5%.

[hicharleswalker]

well at the end of April I put another 5k into bonds, so I timed that well.

[Dower-DX-]

I have had premium bonds for like w years nearly I haven't won nothing I been just putting them in a different account but prop just put lil bit by bit again

[mhoward]

I had 2 accounts last year. 50k In each. 1 did well on getting £25 wins. Think that account made £150. But The other shockingly got nothing. It either got 1x £25 or nothing for a year. Felt ripped off

[derekgb]

Any news (increases) on their interest paying accounts?

[CrappyProducts]

The important thing for with Premium Bonds is the tax free element since after 150k earnings you'll get no personal savings allowance so effectively that 1.5% from chase you'll need to pay tax on top which makes it way less, so for me all my emergency fund goes into Premium Bonds

[surens]

Out of curiosity, does anyone know of anyone who has won any of the higher amounts from premium bonds? I never seem to hear of anyone!

[etiosaosa]

Hi Andy thanks for the update I think its good thing for diversify my portfolio time to do my research

[mssdn]

We’ve kept out bonds but also have a Chase account