💷 Fewer people are putting money into premium bonds but some refuse to put their money elsewhere gracegausden93 speaks to someone who loves their bonds – and someone who abandoned theirs ⬇️
NS&I even raised the prize rate this month from 3.7 per cent to 4 per cent – the highest level in 15 years. That doesn’t mean extra interest earned but it increases the odds of winning a cash prizes, something bond holders value over increased returns.speaks to two people: one who is dedicated to keeping his bonds, no matter the rate, and another who ditched them to get more bang for his buck elsewhere.
“There is more to a savings product than its rate. Customer service and functionality is important. You want to be able to access your money easily when needed. NS&I has faced criticism for its customer support but I haven’t had any issues yet.“Other providers can’t rival the monthly user experience of responding to an email or app alert that reveals you have won a prize. It’s like a potential birthday present every month.
“Since then, I have won a prize in 19 monthly draws out of 23, winning a total of £1,550 so far. That is an equivalent interest rate of 3.1 per cent. In contrast, the current best buy easy access rate is on offer from Shawbrook Bank at 4.63 per cent. “Suddenly that £2,315 is worth £1,852 or £1,589. Switching savings products and chasing the best rates is also time consuming, especially with deals changing on a monthly basis.
“I took out premium bonds in September 2020 after I graduated from university. I wanted somewhere to put my money while saving for a house. I don’t come from money and only started saving three years ago when I started working after finishing university. My family didn’t have any advice about what I should do with my money but my friends did.
“It presents itself as a really easy opportunity to make money but actually it isn’t. I think people stick with bonds as it’s presented as risk free but it’s not. My friend gets so excited every month as it’s like a lottery ticket.
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