Do I need to cash in my premium bonds?
Jun 1st 2016, 3:51 pm
#16
in Northern California
Joined: Apr 2014
Posts: 284
Re: Do I need to cash in my premium bonds?
However, overseas transactions do receive additional scrutiny and the IRS does appear to have a penchant for nailing the little guy for technical violations involving trivial dollar sums from time to time.
I agree the risks are minor. But the penalties can be severe and I think it's simply easier (trivially easy) to cash in the bonds and eliminate the small possibility of problems.
Jun 1st 2016, 4:05 pm
#17
Forum Regular
Joined: May 2016
Posts: 97
Re: Do I need to cash in my premium bonds?
I'd cash them in primarily as they're a massive waste of money.
Jun 1st 2016, 9:54 pm
#18
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Do I need to cash in my premium bonds?
I think it's governed by similar laws to online gambling
https://www.fbi.gov/news/stories/200...ambling_060607
https://www.fbi.gov/news/stories/200...ambling_060607
Jun 1st 2016, 11:53 pm
#19
Forum Regular
Thread Starter
Joined: Jan 2010
Location: Austin, Texas
Posts: 54
Re: Do I need to cash in my premium bonds?
I could be wrong, but the similarities between National Savings and Investments and an online casino are pretty remote.
As far as cashing them in goes, to me the small amount I have are a 'fun' investment. Providing it is not illegal to hold them (which I believe is the case) then I would rather not have my hand forced here.
As far as cashing them in goes, to me the small amount I have are a 'fun' investment. Providing it is not illegal to hold them (which I believe is the case) then I would rather not have my hand forced here.
Jun 2nd 2016, 12:33 am
#20
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543
Re: Do I need to cash in my premium bonds?
I could be wrong, but the similarities between National Savings and Investments and an online casino are pretty remote.
As far as cashing them in goes, to me the small amount I have are a 'fun' investment. Providing it is not illegal to hold them (which I believe is the case) then I would rather not have my hand forced here.
As far as cashing them in goes, to me the small amount I have are a 'fun' investment. Providing it is not illegal to hold them (which I believe is the case) then I would rather not have my hand forced here.
I have absolutely no intention of cashing mine in for a reason that's not really financially based. My parents bought my early ones, in £1 units, back in 1957, and I still have the original bonds, stamped at the PO counter. I plan to hold on to them for life. I bought some more in the 1970s, by which time the minimum investment was £5. So I ended up with £35 worth, and won £25 in 2012. Yay!!
So then I created an online account and bought £100 more. Now I have £135 worth! I'll be buggered if I cash them in just because the U.S. is still living in the nineteenth century.
Last edited by robin1234; Jun 2nd 2016 at 12:35 am.
Jun 2nd 2016, 12:55 am
#21
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Do I need to cash in my premium bonds?
I could be wrong, but the similarities between National Savings and Investments and an online casino are pretty remote.
As far as cashing them in goes, to me the small amount I have are a 'fun' investment. Providing it is not illegal to hold them (which I believe is the case) then I would rather not have my hand forced here.
As far as cashing them in goes, to me the small amount I have are a 'fun' investment. Providing it is not illegal to hold them (which I believe is the case) then I would rather not have my hand forced here.
Jun 2nd 2016, 1:26 am
#22
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Do I need to cash in my premium bonds?
I agree.
I have absolutely no intention of cashing mine in for a reason that's not really financially based. My parents bought my early ones, in £1 units, back in 1957, and I still have the original bonds, stamped at the PO counter. I plan to hold on to them for life. I bought some more in the 1970s, by which time the minimum investment was £5. So I ended up with £35 worth, and won £25 in 2012. Yay!!
So then I created an online account and bought £100 more. Now I have £135 worth! I'll be buggered if I cash them in just because the U.S. is still living in the nineteenth century.
I have absolutely no intention of cashing mine in for a reason that's not really financially based. My parents bought my early ones, in £1 units, back in 1957, and I still have the original bonds, stamped at the PO counter. I plan to hold on to them for life. I bought some more in the 1970s, by which time the minimum investment was £5. So I ended up with £35 worth, and won £25 in 2012. Yay!!
So then I created an online account and bought £100 more. Now I have £135 worth! I'll be buggered if I cash them in just because the U.S. is still living in the nineteenth century.
Jun 2nd 2016, 1:45 am
#23
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543
Re: Do I need to cash in my premium bonds?
Well yeah, the ones my parents bought were £5 or £8 pounds worth in total. I bought the other £25 worth or so in the mid seventies. My wife and I were living in London, living hand to mouth. For a few months, I bought each of us a £5 bond at the post office on payday. Big investor! I honestly don't know what's happened to hers, she probably has all kinds of unclaimed prizes...
