By Linda Hall • Updated: 25 Jan 2023 • 18:25
PREMIUM BONDS: Greater chance of a win Photo credit: Pixabay/moneyvortex
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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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 editorial@euroweeklynews.com.
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