Would be great if we could hold Premium Bonds in a Pot in Monzo. Perhaps the PO would offer Monzo preferential rates on cash deposits if they caused a surge in Premium Bonds?
There are already 45.7 billion bonds in circulation.
I’ve never got the fascination with Premium Bonds.
The Post Office does not run Premium Bonds
How would better rates work? Currently 1 bond is £1 and prizes are set nationally. I can’t see that changing because of a specific pot.
AFAIK, The Post Office is tightly coupled with NS&I, who run Premium Bonds.
By better rates on cash deposits, I meant that, if Monzo were able to bring Premium Bonds to a significant new audience, the PO might reward them with a better rate on cash deposits into current accounts, which is currently very expensive. This is why Monzo chose PayPoint instead, and why Barclays tried to pull out of PO deposits. I wasn’t talking about better rates on Premium Bonds themselves.
I’m sorry to say, they are not closely coupled. Quite the opposite. NS&I were hived off the Post Office many years ago and the Post Office doesn’t even sell them anymore.
Ah - maybe not then! Would still be good anyway
I might be wrong but i thought that one of the biggest reasons to not go with Post Office is that they would need to reissue every single debit card as they would need to change their chip profile?
Don’t get me wrog, I wiuld love the to go with PO over Paypoint but i thought this was the main issue, im sure theres probably a few other reasons though
Ah maybe true.
The only time a premium bond pot would be useful is to that I don’t need to manually move my “winnings” over every month
I guess the lack of interest means that you’ll never be taxed on that interest. However, the chances of winning these days is really, really small and inflation will erode anything you’re holding for too long. I suppose it’s a useful holding-pen for a significant windfall whilst you max out your annual ISA allowance.
As for a premium bonds pot, I don’t really see the point, particularly as you can buy bonds with a standing order.
I’d be quite interested in seeing some of NS&I’s products available through the Monzo savings marketplace. Premium Bonds would be a good starting point - they are, after all, one of the UK’s most popular savings products are they not?