The chances of winning some of the biggest Premium Bonds prizes have increased to their highest level for more than 15 years.
Greater competition to attract savers has led National Savings and Investments (NS&I), to improve the odds to 21,000 to one.
There will be 90 prizes of £100,000 compared with 77 at present, and up from just six in May last year.
There will be 90 prizes of £100,000 compared with 77 at present, and up from just six in May last year.
“These rate increases will help ensure that our savings products remain attractive to customers, whilst ensuring that we continue to balance the needs of savers, taxpayers and the broader financial services sector,” said Dax Harkins, chief executive of NS&I, which is entirely owned by the Treasury.
Rising interest rates have fed through to better returns for savers, although providers remain under pressure from regulators and MPs to offer better rates.
Premium Bonds offer the chance of winning tax-free money through monthly prize draws instead of regular interest. It is the UK’s most popular savings product, with about 22 million investors.
However, savers have been drawn towards better returns from other savings providers recently, despite eight increases in the generosity of Premium Bonds in the last year.
The chances of winning some of the biggest Premium Bonds prizes have increased to their highest level for more than 15 years.
There will be 90 prizes of £100,000 compared with 77 at present, and up from just six in May last year.
Greater competition to attract savers has led National Savings and Investments (NS&I), to improve the odds to 21,000 to one.
“These rate increases will help ensure that our savings products remain attractive to customers, whilst ensuring that we continue to balance the needs of savers, taxpayers and the broader financial services sector,” said Dax Harkins, chief executive of NS&I, which is entirely owned by the Treasury.
There will be 90 prizes of £100,000 compared with 77 at present, and up from just six in May last year.
There will be 90 prizes of £100,000 compared with 77 at present, and up from just six in May last year.
“These rate increases will help ensure that our savings products remain attractive to customers, whilst ensuring that we continue to balance the needs of savers, taxpayers and the broader financial services sector,” said Dax Harkins, chief executive of NS&I, which is entirely owned by the Treasury.
Rising interest rates have fed through to better returns for savers, although providers remain under pressure from regulators and MPs to offer better rates.
Premium Bonds offer the chance of winning tax-free money through monthly prize draws instead of regular interest. It is the UK’s most popular savings product, with about 22 million investors.
However, savers have been drawn towards better returns from other savings providers recently, despite eight increases in the generosity of Premium Bonds in the last year.
#Premium #Bonds #Chances #rise #winning #leading #prizes
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
