This resulted in a reduction in prize money of over £30 million, from £113,712,650 in November to £82,460,250 in December.
Instead, customers are able to arrange to have any prizes they win paid directly into their bank account.
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The government-backed savings provider announced the first person to be selected was female and from Devon.
The following information explains what premium bonds are, how they work and whether saving your money this way is worth it.
So, whether premium bonds is a good idea for you will depend on your reason for investing the money in the first place.
Unfortunately, the odds on winning will only get worse as the NS&I is reducing the annual prize fund interest rate from 1.4% to 1.3%. This means that from May 2020, your odds of winning the premium bonds will change from 1 in 24,500 to 1 in 26,000.
Yesterday, NS&I issued a reminder that a change in the way Premium Bonds prizes are paid will come into force from Spring 2021.
Her winning Bond – purchased in January 2016 – carries the number 263SP726460, and she becomes the eighth person from the region to receive the maximum prize.
As England prepares for the second national coronavirus lockdown of 2020, some may be eager to see whether the Premium Bonds prize draw has brought them good news. This November, two more savers have become millionaires, and a total of 3.9 million prizes have been paid out.
Most banks only guarantee your savings up to £85k. We’re the only provider that secures 100% of your savings, however much you invest.
On Monday, February 1, NS&I shared some details surrounding the winners of the Premium Bonds draw this month. This included announcing where in the world the two winners of the £1million jackpot prizes are from.
You can cash in your premium bonds at any time online, over the phone or by post. If you’re cashing in some of your bonds, you can either decide which bond numbers you would like to cash in, or the NS&I will cancel them for you starting with the oldest bonds first.
Premium Bonds are held in their millions right across the UK, with some holders even living overseas. Each month, using the interest rate for the savings account, NS&I, the government-backed institution, announces lucky winners for its monthly prize draw. The £1million prize is not the only payout offered to Britons, and sums have a wide range in terms of return.
Rates offer our customers a fair return and the assurance of the hundred percent HM Treasury, guarantee on all their holdings with NS&I what was a weird takeaway for me was this line the stability of the broader financial services sector which to me seems.