Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4
 
 
 

Affiliate link: Looking at switching to a new broadband provider?
KiwiTim
343 posts

Ultimate Geek


  #1841596 9-Aug-2017 08:38
Send private message

My experience with Bonus Bonds makes me suspicious that the probability of winning is not just by pure chance.

 

Initially, I  put a couple of thousand in and I seem to win something every other month (prizes between $20-$80). I then kept putting more in and kept getting prizes.

 

Fore many years I had about $8000 with BB and added no further amounts. What I noticed was that I got very few prizes when I was not adding extra funds.

 

Now I win $20 about every six months. Is it rigged to reward new investors so that they add more funds? It would not surprise me.

 

My track record of winnings set against my investment record seems very improbable. Perhaps they have an algorithm that rewards new and continuing investors?

 

Has the Commerce Commission ever investigated them? Perhaps they should.

 

It would be very interesting to see the prize and investment history of a large subset of BB investors to see whether there is any statistical pattern. I suspect there might be.


dafman
3335 posts

Uber Geek

Trusted
Subscriber

  #1841603 9-Aug-2017 08:55
Send private message

My father was a great believer in Bonus Bonds and had quite a lot invested in them (always hoping for that elusive 'big' win). It's some time ago now, but I did analysis on his draws over the years and, in total, they pretty much equated to a little less than he would have earned in interest with a typical on call savings account.


 
 
 
 


msukiwi
985 posts

Ultimate Geek

Lifetime subscriber

  #1841616 9-Aug-2017 09:21
Send private message

KiwiTim:

 

My experience with Bonus Bonds makes me suspicious that the probability of winning is not just by pure chance.

 

Initially, I  put a couple of thousand in and I seem to win something every other month (prizes between $20-$80). I then kept putting more in and kept getting prizes.

 

Fore many years I had about $8000 with BB and added no further amounts. What I noticed was that I got very few prizes when I was not adding extra funds.

 

Now I win $20 about every six months. Is it rigged to reward new investors so that they add more funds? It would not surprise me.

 

 

 

 

Same happened to me. Only get around 1 or 2 $20 win every year now. Used to get at least $20 most months for the first 18 months.

 

This is all within the last 4 years. ($20,000 of them!)

 

Maybe I should withdraw it and then put it back to see what happens?


jonathan18
4731 posts

Uber Geek

Trusted
Subscriber

  #1841630 9-Aug-2017 09:54
Send private message


Rikkitic

Awrrr
12783 posts

Uber Geek

Lifetime subscriber

  #1841646 9-Aug-2017 10:15
Send private message

msukiwi:

 

KiwiTim:

 

My experience with Bonus Bonds makes me suspicious that the probability of winning is not just by pure chance.

 

Initially, I  put a couple of thousand in and I seem to win something every other month (prizes between $20-$80). I then kept putting more in and kept getting prizes.

 

Fore many years I had about $8000 with BB and added no further amounts. What I noticed was that I got very few prizes when I was not adding extra funds.

 

Now I win $20 about every six months. Is it rigged to reward new investors so that they add more funds? It would not surprise me.

 

 

 

 

Same happened to me. Only get around 1 or 2 $20 win every year now. Used to get at least $20 most months for the first 18 months.

 

This is all within the last 4 years. ($20,000 of them!)

 

Maybe I should withdraw it and then put it back to see what happens?

 

 

Yes. This is exactly what I was wondering. It is also my experience. Hence my question. Is this legit or is it being fiddled in some way?

 

 





I don't think there is ever a bad time to talk about how absurd war is, how old men make decisions and young people die. - George Clooney
 


dafman
3335 posts

Uber Geek

Trusted
Subscriber

  #1841798 9-Aug-2017 12:32
Send private message

msukiwi:

 

KiwiTim:

 

My experience with Bonus Bonds makes me suspicious that the probability of winning is not just by pure chance.

 

Initially, I  put a couple of thousand in and I seem to win something every other month (prizes between $20-$80). I then kept putting more in and kept getting prizes.

 

Fore many years I had about $8000 with BB and added no further amounts. What I noticed was that I got very few prizes when I was not adding extra funds.

 

Now I win $20 about every six months. Is it rigged to reward new investors so that they add more funds? It would not surprise me.

 

 

 

 

Same happened to me. Only get around 1 or 2 $20 win every year now. Used to get at least $20 most months for the first 18 months.

 

This is all within the last 4 years. ($20,000 of them!)

 

Maybe I should withdraw it and then put it back to see what happens?

 

 

Our you could withdraw the $20k and invest it in a term deposit at 3.5% which would give you $470 for one year after tax (maybe a bit better than 1 or 2 $20 wins a year).


msukiwi
985 posts

Ultimate Geek

Lifetime subscriber

  #1841802 9-Aug-2017 12:36
Send private message

dafman:

 

 

 

Our you could withdraw the $20k and invest it in a term deposit at 3.5% which would give you $470 for one year after tax (maybe a bit better than 1 or 2 $20 wins a year).

 

 

Term deposit rules make it not readily available unlike Bonus Bonds.

 

(Have it for "Medical Expenses" if required, having a stroke 4 years ago I learnt the importance of "ready" money!)

 

 


 
 
 
 


Jase2985
9956 posts

Uber Geek

Lifetime subscriber

  #1841938 9-Aug-2017 16:12
Send private message

Rikkitic:

 

 

 

Yes. This is exactly what I was wondering. It is also my experience. Hence my question. Is this legit or is it being fiddled in some way?

 

 

 

 

do you honestly think that a major product from a major bank, would have a product that gives out prizes that can be fiddled with? somthing thats not legitimate?

 

they would have been found out years ago and dealt with by the commerce commission.


Rikkitic

Awrrr
12783 posts

Uber Geek

Lifetime subscriber

  #1841945 9-Aug-2017 16:17
Send private message

Stranger things have happened. I was just asking.

 

 





I don't think there is ever a bad time to talk about how absurd war is, how old men make decisions and young people die. - George Clooney
 


Lias
4231 posts

Uber Geek

Trusted
Lifetime subscriber

  #1843002 9-Aug-2017 19:13
Send private message

Jase2985:

 

 

 

do you honestly think that a major product from a major bank, would have a product that gives out prizes that can be fiddled with? somthing thats not legitimate?

 

they would have been found out years ago and dealt with by the commerce commission.

 

 

FWIW I believe it's more than just a product from a bank, because the bonus bonds scheme was originally a government initiative as part of the NZ Post Office, which got spun off into PostBank by the same piece of legislation that split Telecom off from the NZPO, then a few years later PostBank was acquired by ANZ. I can't hand on heart swear it but I'd be surprised if there isn't some extra protection in place because of that.





nova
90 posts

Master Geek

Trusted
Subscriber

  #1843008 9-Aug-2017 19:40
Send private message

You can generally withdraw a term deposit early, though the timing and break fees vary:

 

http://www.interest.co.nz/news/81343/if-you-need-end-term-deposit-its-term-you-might-be-sizeable-break-fee-or-not-it-depends

 

As to Bonus Bonds, you better off putting the money into a term deposit and using some of the interest to buy lotto tickets. Capital is guaranteed, and your odds of winning a big prize is better than bonus bonds is currently. Still not a great investment, your best option of course is just to keep the interest.


msukiwi
985 posts

Ultimate Geek

Lifetime subscriber

  #1843014 9-Aug-2017 19:46
Send private message

Term Deposits require a 31 day break delay (Notice).

 

Bonus Bonds do not.


dafman
3335 posts

Uber Geek

Trusted
Subscriber

  #1843098 9-Aug-2017 22:01
Send private message

msukiwi:

 

Term Deposits require a 31 day break delay (Notice).

 

Bonus Bonds do not.

 

 

No. You can typically break term deposits early if required, but may lose some of your interest in doing so.

 

You should talk to your bank. Even the reduced interest in the unlikely event of terminating a term deposit early may be more than what you have historically received from bonus bonds.


logo
468 posts

Ultimate Geek

Trusted

  #1843127 9-Aug-2017 23:13
Send private message

dafman:

msukiwi:


Term Deposits require a 31 day break delay (Notice).


Bonus Bonds do not.



No. You can typically break term deposits early if required, but may lose some of your interest in doing so.


You should talk to your bank. Even the reduced interest in the unlikely event of terminating a term deposit early may be more than what you have historically received from bonus bonds.



All the big four banks require 31 days notice since late 2014. This is to comply with Australian regulations.

The non-Australian owned banks may have different policies.


dickytim
2514 posts

Uber Geek
Inactive user


  #1843144 10-Aug-2017 05:58
Send private message

My daughters savings account has 2.25% interest so long as the money isn't touched, can be drawn against immediately, but you loose the bonus interest when drawn.


1 | 2 | 3 | 4
View this topic in a long page with up to 500 replies per page Create new topic




News »

Amazon introduces new Echo devices
Posted 25-Sep-2020 11:56


Mad Catz introduces new S.T.R.I.K.E. 13 Mechanical Gaming Keyboard
Posted 25-Sep-2020 11:34


Vodafone NZ upgrades international submarine network
Posted 25-Sep-2020 09:09


Jabra announces wireless noise-cancelling airbuds, upgrade existing model
Posted 24-Sep-2020 14:43


Nokia 3.4 to be available in New Zealand
Posted 24-Sep-2020 14:34


HP announces new HP ENVY laptops aimed at content creators
Posted 24-Sep-2020 14:02


Logitech introduce MX Anywhere 3
Posted 21-Sep-2020 21:17


Countdown unveils contactless shopping with new Scan&Go tech
Posted 21-Sep-2020 09:48


HP unveils new innovations for businesses adapting to rapidly evolving workstyles and workforces
Posted 17-Sep-2020 15:36


GoPro launches new HERO9 Black camera
Posted 17-Sep-2020 09:45


Telecommunications industry launches new 5G Facts website
Posted 17-Sep-2020 07:56


New Zealand ranks 3rd in world in GSMA index
Posted 15-Sep-2020 10:13


Trend Micro Security Suite adds web monitoring to prevent identity theft
Posted 14-Sep-2020 15:37


NVIDIA to acquire Arm for US$ 40 billion
Posted 14-Sep-2020 12:27


Epson launches its next gen A3+ colour EcoTank multi-function printer
Posted 10-Sep-2020 16:08



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.