Premium bonds- can you lose your money?
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I have been saving for a few years and now have a decent amount. Its in an ISA at the moment but the interest is not worth it.
If I put all of the money into a bond, can I get the money back at anytime and would I lose anything?
I know inflation will decrease the value of it over time.\
But if I were to put in £2000, can I take the £2000 a year later without losing any of it.
Cheers.
The only reason I want to do it because you can win money, the odds are lower the more you put it. About 1 in 200,000 of winning £1000 each month. Quite good I think.;)
EDIT:
I am being thick, all info is here:
http://www.nsandi.com/savings-premium-bonds
Mods please delete.
If I put all of the money into a bond, can I get the money back at anytime and would I lose anything?
I know inflation will decrease the value of it over time.\
But if I were to put in £2000, can I take the £2000 a year later without losing any of it.
Cheers.
The only reason I want to do it because you can win money, the odds are lower the more you put it. About 1 in 200,000 of winning £1000 each month. Quite good I think.;)
EDIT:
I am being thick, all info is here:
http://www.nsandi.com/savings-premium-bonds
Mods please delete.
0
Comments
If you have 5k in savings with the Halifax then you get entered into their monthly prize draw - http://www.halifax.co.uk/savings/savers-prize-draw/
Mind you, the interest on their savings accounts, as with any other bank these days, is pretty poor.
It's up to you, OP, but I would think very carefully.
Six months ago an interest rate of 1.30% would have been regarded as poor. Today it's actually quite good, especially as it's free of tax. You can do better, but only if you're prepared to tie up your money for several years in a fixed term account.