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PublicSchoolAnn
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#1
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Does anyone have any opinions on them?
Iv got 17 years worth of them and am contemplating cashing them in. I would not ,however, just go mad and spend it all. I would transfer it to an account where i could gain a fair bit of interest plus it would be useful for university. If i did cash them in ,however, i must admit i would feel rather guilty.
Any advice?
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Tek
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#2
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How much is "17 years' worth"? Have you ever won anything?
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4Ed
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(Original post by PublicSchoolAnn)
Does anyone have any opinions on them?
Iv got 17 years worth of them and am contemplating cashing them in. I would not ,however, just go mad and spend it all. I would transfer it to an account where i could gain a fair bit of interest plus it would be useful for university. If i did cash them in ,however, i must admit i would feel rather guilty.
Any advice?
it depends on how much you have.

most banks do pretty crap interest rates anyway, so premium bonds may be handy, if you can win something.
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GH
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Obviously not, since she would otherwise keep the bonds
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PublicSchoolAnn
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It is a considerable amount. This morning i got a check for £500 in winnings. Thats why im considering cashing them. Before that it was just minor amounts.
Its only when you win something you actually take notice of them.
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4Ed
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(Original post by PublicSchoolAnn)
It is a considerable amount. This morning i got a check for £500 in winnings. Thats why im considering cashing them. Before that it was just minor amounts.
Its only when you win something you actually take notice of them.
so if you don't need it, just set it aside for a 'rainy day' as many old people would say.

so are they all your own premium bonds? how old are you? I don't know many young people who invest in such things - they all just have bank accounts or ISAs
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Tek
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(Original post by PublicSchoolAnn)
It is a considerable amount. This morning i got a check for £500 in winnings. Thats why im considering cashing them. Before that it was just minor amounts.
Its only when you win something you actually take notice of them.
Unless you have thousands of pounds in, you're never likely to win anything significant.
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PublicSchoolAnn
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#8
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Yes they are all in my name. But i never purchased them. Thay do make very exciting birthday and christmas presents!
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Pixelfairy #1
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I don't mean to sound stupid, but what exactly are Premium Bonds? :confused:
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PublicSchoolAnn
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4ED- Whats an ISA.Iv heard of it but dont know the concepts. Iv got a bank account which is treated more like a savings account because i dont withdraw.
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PublicSchoolAnn
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premium bonds- perhaps the safest investment but also the most boring. Kind of an over glorified lottery ,except you cant really lose. I think you can have up to £30 000 in premium bonds.
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4Ed
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(Original post by PublicSchoolAnn)
4ED- Whats an ISA.Iv heard of it but dont know the concepts. Iv got a bank account which is treated more like a savings account because i dont withdraw.
an ISA is an individual savings account, with a higher interest rate than your usual current/savings account, which still isn't very high - about 3-5% i think.
the interest rates also go up the more you put into it - you'll need about 30000 to get highest interest rates as far as i know, though different banks/building socs will differ.
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4Ed
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(Original post by PublicSchoolAnn)
premium bonds- perhaps the safest investment but also the most boring. Kind of an over glorified lottery ,except you cant really lose. I think you can have up to £30 000 in premium bonds.
yes that's correct, although the values have changed in recent times.
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PublicSchoolAnn
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#14
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can you still withdraw from ISAs when need be?
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GH
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(Original post by PublicSchoolAnn)
premium bonds- perhaps the safest investment but also the most boring. Kind of an over glorified lottery ,except you cant really lose. I think you can have up to £30 000 in premium bonds.
Its being calculated that if you max out on the bonds, then you will have an average monthly winnings of 3-5%. So it is pretty nice.

Are the winnings tax free?
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PublicSchoolAnn
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entirely
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4Ed
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(Original post by PublicSchoolAnn)
can you still withdraw from ISAs when need be?
that's the other thing.... as far as my knowledge of ISAs go, they are harder to withdraw from. my ISA has a passbook, tho that may be to do with the fact that it's with a building soc. the interest rates are higher if you choose a less frequent payment, eg annual over monthly, and i think the interest you earn will just be the proportion of the year that the money is in the account for.

oh, and there are also different types of ISAs like variable rates, or 60 days notice ISAs. in the latter case, you get a higher interest for the inconvenience of giving 60 days notice before you want to withdraw or put money in.
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PublicSchoolAnn
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#18
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right. do you have to pay into an ISA every so often-as in every month?
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PublicSchoolAnn
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#19
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Golly i have just noticed that my logo thing has turned from green to black. Clearly not liked ,ha i do love that!
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4Ed
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(Original post by PublicSchoolAnn)
right. do you have to pay into an ISA every so often-as in every month?
no, you pay when you want to.
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