The premium bonds checker gives you quick and easy access to the winning bond numbers. 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. 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%. What’s more, even if the odds were in your favour, 90% of prizes awarded are for between £25 to £100, so your earning potential isn’t fantastic. With a 1 in 24,500 chance of winning a prize for every £1 bond you hold, the premium bond odds on winning aren’t great. Typically, the draw takes place at the beginning of the month and the premium bonder checker is usually updated on the second working day of each month. Once you have had your premium bonds for one full month, they will be entered into the following month’s prize draw. The process usually takes up to eight working days unless you have informed the NS&I to cash your bonds in after the next prize draw. You can choose to take your money out at any time by cashing in all or some of your bonds.
The size of the prize varies from high, medium to lower value. Prizes can be checked using the premium bond checker and are awarded completely tax free. This means the more bond numbers you have, the greater your chance of winning. You can continue to buy more premium bonds up to the maximum limit of £50,000.Įvery month your bond numbers are placed into the prize draw where each has an equal chance of winning. The minimum amount for each investment is £25 which in turn buys you 25 bonds. When you place your savings in NS&I bonds, every pound invested buys you a unique bond number.
So, whether premium bonds is a good idea for you will depend on your reason for investing the money in the first place. This means if you’re lucky, you could achieve the equivalent of 1.4% against the money invested, but there’s also a good chance you may not win anything at all. Prizes are calculated on an average rate of 1.4% which is due to drop to 1.3% in May 2020. Each month, your bonds are entered into the premium bond prize draw where you could win up to £1 million.Īlthough there are many prizes to be won, NS&I bonds are a bit of a lottery. However instead of your money earning interest, every pound invested buys you a bond. Premium bonds is a form of savings account by government backed National Savings & Investment (NS&I).
0 kommentar(er)
