On the 1st March 2009 National Savings & Investment (NS & I) announced that they will be changing the distribution of one of the two monthly Premium Bond £1m jackpot prizes.
This change, which comes into force with the April prize draw, will result in one of the £1m jackpot prizes being replaced by a wider mix of prizes allowing more people to win, but still retaining the chance of winning the big prize. At the same time a £25 prize will be added to the existing prizes, which range from £50 - £1m.
The current odds of each £1 Premium Bond number winning any prize will remain unchanged at 36,000 to 1 so, with average luck, an investor with £30,000 in Premium Bonds could win 10 tax-free prizes a year.
Peter Cornish, Director of Customer Offer, NS & I, said: “We always aim to reward as many of our customers as possible from the prize fund available, together with having the right mix of prizes. We continue to pay out hundreds of thousands of tax-free prizes each month and customers also benefit from a 100% guarantee on their investment because we are backed by HM Treasury.”
In addition to the changes to prizes available, NS & I is reducing the Premium Bond prize fund rate from 1.8% to 1% which will be held for at least the April, May and June 2009 draws. This will be the case even if there are further changes to the base rate. This is the first alteration made by NS & I to the prize fund rate since 1st December last year.
NS & I will also reduce the interest rates on its other variable rate savings by up to 0.5%, following movements in the Bank of England base rate. These rates will come into effect from 18th March 2009.
Certified Financial Planning
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment
We welcome constructive and polite comments to this post.
Thank you.