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I've had 30k in premium bonds for 9m and am so far earning 2.5% on that
I think you have had pretty good luck there. The "prize rate", i.e. the actuarial expected rate of return, is 1.4%, but would likely be lower on £10k as you say. Still probably equivalent to north of 2% in a bank account though given you pay tax on interest but not on PB prizes.
NickCJ-
Yeah and a couple dry months and it will go down - just thought useful to give some idea. It's not gonna earn you 5-10% but in these funny times it's a pretty simple way of putting money somewhere for a bit.
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I do believe they've just increased the prize rate to a cool 1.7% which aint too bad - still similar to the Chase rate floating around at the moment.
But it'd be cool to win the mil still.
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I remember reading a breakdown of how they get to the actuarial rate, based on the concept of “average luck,” which I found quite compelling. As my mother used to say, “You never know your luck in a raffle.”
Tenderloin
seager
Sharkstar
Yep to the above.
I've had 30k in premium bonds for 9m and am so far earning 2.5% on that (amount doesn't matter but makes it easier to work out % given infrequency of winning at lower amounts).
Or take some advice from an internet stranger and buy some Eargo stock and see how that gets on for you