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Gout and about

I have discovered, or rather been painfully reminded, this week there can be consequences for having too much fun. Namely, gout.

Serves you right, I hear you say. But it is, painfully dull.

Anyway, this is a blog about savings and mortgages so I will explain the relevance of my cheap attempt at garnering sympathy.

My point is we must always try to have fun and that extends to our money. Spending money is not only a necessity but of course can also be a lot of fun.

Saving it, on the other hand, for the last decade or so has been no fun whatsoever. With interest rates at rock bottom and again, in 2019, under pressure to fall back from the measly 0.75 per cent set by the Bank of England, there has been very little cheer for the legions of cash savers who have struggled to beat inflation for a decade.

Even a market-leading tax-free cash ISA will barely keep you in the game – let alone any excess cash you want to put aside for the proverbial rainy day.

It’s miserable sitting there watching your savings deplete and looking for something else in which you can safely deposit your hard-earned cash.

However, the Family Building Society’s unique Windfall Bond is one such way of keeping interest in your savings – please forgive the pun.

It works like this:

Firstly – each investment, in the form of a qualifying bond, is £10,000.

Then, every month each qualifying bond is allocated one of 10,000 unique tickets in the monthly draw and 13 winning tickets are chosen at random.

With just one bond, your chance of winning a prize at least once in a year (with your first twelve draws) equates to approximately 1 in 64. Of course, the more bonds you hold, the greater the chance of winning a prize.

So what are the prizes up for grabs I hear you ask? Each month there are ten prizes of £1,000, two prizes of £10,000 and one prize of £50,000

Happy with, or thinking about Premium Bonds? Let’s compare to the Windfall Bond… So if you hold £10,000 of Premium Bonds, the odds of winning at least a £1,000 prize in a year are only 1 in 357*. That means a Windfall Bond win is five times more likely!

The Windfall Bond, therefore, works a bit like a Premium Bond, but not. Because it’s more fun and gives you better chances of boosting your savings.

Family Building Society have paid out more than £1.3m in Windfall Bond prizes so why not ask the winners, including 17 top prize winners, if you don’t believe me.

*Odds provided by NS&I, June 2019.
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Family Building Society
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30 Church Street
Epsom
Surrey KT17 4NL
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