More chance of winning a prize with the UK’s Premium Bonds

PREMIUM BONDS: Greater chance of a win Photo credit: Pixabay/moneyvortex

PREMIUM BOND holders now have a greater chance of a win after National Savings and Investments (NS&I) upped the prize fund rate from 3 to 3.15 per cent.

The new rate, a 14-year high, comes into force from February onwards.

Premium Bonds earn no interest but instead the interest rate funds the monthly tax-free draw.  The bonds are the UK’s biggest savings product, with more than 21 million participants investing £119 billion (approximately €137 billion) in them.

Nevertheless, the chance of each £1 (€1.13) bond proving a winner is still fixed at 24,000 to 1, since the number of prizes worth between £50 (€56.75) and £100,000 (€113,472) will increase in the next draw, but there will be fewer £25 (€28.38) prizes.

 

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at [email protected]

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