National Savings & Investments (NS&I) is to increase its annual prize fund rate on premium bonds.
The increase, from 1.3% to 1.35% from 1 August, means its prize fund will increase from just shy of £52m in July to more than £55.5m next month, and its total number of prizes will increase by about 50,000. The changes follow the announcement at Budget 2014 to increase the NS&I premium bonds investment limit to £40,000, and to double the number of £1m prizes, to two. NS&I chief executive Jane Platt said: "Premium bonds are one of the nation's favourite ways to save. [This is] good news all round as we're able not just to add an additional jackpot prize of £1m, but also to increase the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
