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SteveN wrote:Regarding limited company syndicates, my daughter tells me up to £5k can be "borrowed" from a company and repaid without penalty within a financial year. So if syndicate members each withdrew an equal chunk of a engine fund and bought premium bonds with it cashing them in at the end of each year and re-buying the next can anyone see a problem with that?
I thought that premium bonds were ineligible for prize draws for a certain time after initial purchase (2 months ?), so this might significantly reduce the effective interest be reducing the chances of any win. Happy to be corrected, though ..
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I place our group engine fund in an interest bearing account. Used to be with Egg (now defunct) but laterly in the Yorkshire building society.
Paid us about £100 last year and the funds are always there at the drop of a hat.
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