Has someone been getting at the Premium Bonds?

[Chrissie]

OK, so maybe I'm getting a bit paranoid[:$] but, having taken the decision to leave a large sum in Premium Bonds, I'm used to getting an envelope or two most months from my dear friend Ernie.  The odd couple of months goes by without anything, but this year I have had NOTHING since February.........

Yes, yes, I know all about random theory, but I suddenly had the thought that if a certain Mr.G.B. wanted to put his hands on some quick cash, he could divert all the PB winnings and everyone would think they were just unlucky!  So come on - have you all been getting my winnings?   Or do I have the basis for a new conspiracy theory book?

In either case, I'll have to start sending out the begging letters again[:(]

Chrissie (81)

[JayJay]

Chrissie, the paranoia has set in here too, nothing since January & that is very unusual.[:(] So what has happened? Best if you crack on with the book![;-)]

[Missy]

>>>OK, so maybe I'm getting a bit paranoid but, having taken the decision to leave a large sum in Premium Bonds, I'm used to getting an envelope or two most months from my dear friend Ernie.  The odd couple of months goes by without anything, but this year I have had NOTHING since February......<<<

Well you are lucky to have had anything at all!...

Bought some when first married (25+ years ago than I care to remember...) and again some more for the kids when they were born and except a win of £50 for my son in the year that he was 18, NONE of the numbers we possess, have ever come up!.... and I check every 6 months or so.....

Do you think that Sir Alan Sugar, who claims that his fee for the Premium Bonds advert goes to Great Ormond Street Hospital, is diverting a 'fair substantial contractual chunk' .....

[united]

Same story with me.

 I think Gordon Brown reduced the payout earlier this year

[Gastines]

We've had 3x£50 + I X £500 since Feb. However I note GBrown raised the limit, so I agree that the Exchequer may be short of a few bob. They've sold all the school playing fields,old folks homes,mental health institutions and hospitals that had buildings worth converting with plenty of land and usually in prime spots, so they have to raise some cash somewhere. I'm waiting for the empire building National Trust to start selling their assets.Perhaps H.M. will flog a few of the holiday castles and bung in a few bob.

Regards.

[opas]

my dad has held PB for over 50 years......I think he won a pound once, pre decimalisation.

[Benjamin]

Mrs Benjamin has held £ 100 of PBs for about 40 years. One time we came back from holidays feeling pretty broke and there on the doormat was a cheque for £ 100.

 It's the only time she's ever won anything but during the first few days of each month I look on BBCi to check her numbers. They only give the million pound down to £ 5,000 winners but it's surprising the number of people who hold over £ 10,000 worth of bonds with many holding the maximum (?) of £ 30,000.

With only a £ 100 pounds worth we're not holding our breath.

Benjamin

[Baz]

Premium Bonds are just another form of a lottery, in fact I have held some for over 30 years and never received a penny. I certainly invest my money in other forms of savings and get far better and in some cases guaranteed return.

Baz

[Benjamin]

Agree with you there Baz but many people do see it as an investment with the opportunity of hitting the Big One which you can never do in the Building Society.

I don't know what the current hypothetical rate of return is ( amount paid out in prize money annually expressed as a percentage of funds invested in the bonds) but it used to be something like 2.75%. Which is like a net rate of return with any winnings being tax free.

This is the area where G B can tinker by changing the prize structure to increase or, more likely, decrease the amount paid out in prizes.

Benjamin

[Pip]

OH deposited his savings in PB's in April 2005. (I think to stop me eyeing them!) To date he has won £50 each month and one x £100.  It hasn't done me much good though - he keeps reinvesting !  I wish he'd hurry up and win a prize with some extra noughts on the end - I'm turning blue holding my breath  [:-))]  Sorry folks, now you know where all your winnings are going !

[Benjamin]

Apologies, I probably should have done this before making my last posting.

I've just been to the National Savings & Investments web site. The current theoretical rate of return is 2.95% with the rate increasing to 3.15% from 1st September.

The new rate therefore for a 40% tax payer if he/she were to win the theoretical average winnings is 5.25% gross. Bear in mind however that the new rate is meant to reflect the recent increase of 25 points by the BoE in the Base Rate. This is an example of how any Chancellor can increase his cut by not being as competitive as he could be.

Benjamin

[Deimos]

Whilst I believe that Premium Bond prizes are tax free in the UK, I would imagine that if you are a French tax payer then you would have to pay tax on any winnings.

I do not KNOW this, just assume it as things like UK ISAs, etc. attract French tax just as a lot of other UK income .

Ian

[Deimos]

Also, I would imagine that the UK government tells the US and French authorities everything about anybody that wins any prizes. Certainly the US, they might only tell the French what you have won.

Ian

[Poppy]

Yes Premium Bond winnings are taxable in France and UK Tax do inform French Tax.[6] They made a mistake on our account a few years ago we had won ? millions according to computer printout issued to French Tax. We were hauled in and grilled for 4 hours before being told the reason. It was a UK computer error but WE had to prove it was incorrect . Quite a scary time, because of the sums involved an assesment was to be raised within 7 days and we nearly jailed for fraud.[:'(] Even our French Bank Manager advised us to pack our bags and the cat [8-)] and leave the country. Our Bank account was frozen and we had to live on food hand outs. At the time it was unreal [blink]

PS No Winnings for many months [blink] [8-)]

[Gardian]

[quote user="Benjamin"]Apologies, I probably should have done this before making my last posting.

I've just been to the National Savings & Investments web site. The current theoretical rate of return is 2.95% with the rate increasing to 3.15% from 1st September.

The new rate therefore for a 40% tax payer if he/she were to win the theoretical average winnings is 5.25% gross. Bear in mind however that the new rate is meant to reflect the recent increase of 25 points by the BoE in the Base Rate. This is an example of how any Chancellor can increase his cut by not being as competitive as he could be.
[/quote]

I think that we've got eleven quid's worth (or it might even be twelve) lurking in the garage.  I'll tell the mice that the rate is increasing by 0.2% from 1st Sept.

[Cassis]

If anyone has a problem with the current PB prize structure, my apologies.  I was responsible for recommending that the top prize be raised to a million about ten years ago and reducing the number of small prizes.  [:$]

[Clarkkent]

The odds of winning a prize on the Premium Bonds is about 22,000 to 1.

When my wife died I bought 10,000 bonds with her pension settlement (increasing my total holding to 10,001). I now have a theoretical chance of winning something every third month.

In April I won £1000. If I do not win anything more for two years my return will still be better than if I had placed the money in a building society.

If you visit the PB website there is a list of the main winners, their holding and where they live. You can export the list into a spreadsheet and do analyses to establish any underlying patterns. To the best of my knowledge the only pattern you will find is that the more bonds you hold, the likelier it is that you will win.

Incidentally, if you win the top prize you are notified by a special visit from a woman whose job it is to verify your identity. I wonder if she travels to France at all?

[Albert the InfoGipsy]

Cassis wrote

<>

The trouble with this forum is that with the varied backgrounds of the members you don't know whether to take statements like this seriously!

Nothing would surprise me with this lot.

[Cassis]

This one's true, I'm afraid.  [:$]

I hasten to add that I did not work for National Savings, nor was I a civil servant. And I have not retired to France on embezzled Premium Bond funds (I wish).   And I have nothing against civil servants.  Some of them were very good clients.  And they always lunched very well in those days. [:-))]

[Gastines]

Reading  the replies,it would seem a good idea to ask Benjamin to form an investment advice club. The thing that annoys me is that you pay tax on what you earn,pay tax on what interest you get on any savings and they take another slice when you die.If one of the political parties ;in UK; raised the Inheritance Tax level to £500.000. it would win the next election.If you have paid in your share to receive your pension and can still earn a few bob, they still take a slice back.

Going out for my moules while I can still afford them!

Regards.