Investing group savings

[kanga]

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 ..

[Flying_john]

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.


John

[ROG]

kanga--1 calendar month.

[geehils]

The 'ins' and 'outs' of potential premium bond winnings here...http://www.moneysavingexpert.com/saving ... bonds#most

The loss of interest perhaps more than made up for by the thought of that new shiny aircraft in the hanger after a big win!