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Thread: Premium bonds

  1. #11

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    we had the same concerns about a young kid winning a big prize when my father wanted to buy our kids a few,we solved it by putting the bonds in my name...theyve never won anything.
    we put 30k in the wifes name a few years ago , banked 6x 25 yesterday, we get summit most months. got to be better than an isa.
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  2. #12

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    Quote Originally Posted by Robmac View Post
    I agree Chris, we put the cash in accounts which they can't touch until they are 18.

    With interest rates as they are, I thought that it might be worth investing in bonds for them. Trouble is, I would hate it if one of them won a half decent prize and the others didn't which could cause some resentment. But that's the nature of the game I suppose.

    I don't think I can buy a block in joint names for all of them? (I have 3 grandkids and another on the way).
    How old are they as we used to buy them for our kids in joint parent and child names though we had to change it when they either reached 18/21 canít temember which if they still do that you could divu up the winnings equally.
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  3. #13
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    Quote Originally Posted by ricc View Post
    we had the same concerns about a young kid winning a big prize when my father wanted to buy our kids a few,we solved it by putting the bonds in my name...theyve never won anything.
    we put 30k in the wifes name a few years ago , banked 6x 25 yesterday, we get summit most months. got to be better than an isa.
    Yes I think we will go the same way, buy a block for the kids in my wife's name.

    Then if we do win the million, we just won't tell 'em.
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  4. #14
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    Quote Originally Posted by campervanannie View Post
    How old are they as we used to buy them for our kids in joint parent and child names though we had to change it when they either reached 18/21 canít temember which if they still do that you could divu up the winnings equally.
    They are 1, 9 and 13 Annie, we also have another on the way so I will have to add more when we get the new arrival. As they are grandchildren you have to make a parent responsible for the bonds, but if we just do it in Julie's name then we can cash them in whenever for them and leave a provision in the will whereby the value of the bonds goes to the grandchildren.

    What we may do is put any winnings into more bonds but haven't decided yet.
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  5. #15

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    The average return on premium bonds is 1.4%. This being less than inflation, in real terms investing in them means a loss every year. As others have said, they are really just fun with the possibility of a big win. In the long term many investments offer a better return, but many will also involve risk and short term losses. A simple FTSE 100 tracker would have returned 5.7% pa over the past 10 years, with an FTSE 250 tracker doing even better, and both beating inflation. By investing through ISAs up to £20000 pa tax can be avoided, as with premium bonds.
    Can you really make 10% a year from the FTSE 100? | The Motley Fool UK
    2CV
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  6. #16

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    Quote Originally Posted by Robmac View Post
    My grandkids get far too many presents for Christmas so we usually just put money in their bank accounts so they have a nest egg when they are older.

    This year, I was thinking of buying them some premium bonds. My dad does quite well out of premium bonds, but he has a lot (maximum permissible which obviously I won't be buying that many for the grandkids!). I have read mixed reviews on returns.

    I appreciate that the chances of them winning a big prize are pretty much non existent, but the odd win of £25 would make their day.

    Any comments, or should I just stick with cash?

    Thanks
    I would buy them a few shares in one of the Investment Trusts which have constantly increased their dividends(Bankers Trust, City of London, Foreign and Colonial), then they can watch to see how re-investing dividends can accumulate wealth - teaching them one of the best lessons about investing. They will also learn that those investments will attract capital growth too. They will beat premium bonds in the long-term with minimum risk.


    All the shareholders of those companies got richer, albeit gradually, not just the lucky ones.

    Geoff
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  7. #17

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    I always say,

    some poor devil,

    has to win a million pounds every month !

    Can you buy them for the grand children but nominate the winnings to go into your bank account ?
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  8. #18

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    Listen Rob having thought through youíre dilemma this is my recommendation buy some shares in Witherspoons good company still on the up and every time you buy a pint youíre contributing too your grandchildren everybody wins.🍺
    OOR WUSSY
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  9. #19

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    Few years ago my accountant told me to put any spare money into premium bonds as it was best , risk free , return . I was guaranteed a prize every month . The prizes were changed and the guaranteed return stopped .
    I'm sure I could do better but still getting 3% [last 2 years] . Pretty sure biggie coming my way early January !
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  10. #20

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    Maybe mix and match

    Premium bonds for Birthday
    Cash for Xmas
    Or other way round..
    If you drip feed them cash at other times
    Go premium bonds for both

    Also what do they get from others ?

    Games are a waste but activity experiences and even films (with a few mates) are better

    I give cash to my niece for her 3 children as I know she uses it sensibly

    In the past I have received vouchers for this that and the other.. ALL seems good except you have to spend on travel or other to use the vouchers.
    So a few have gone to the "Recycle Bin"
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