Prizes range from £25 to £1m
NS&I has told its Premium Bond holders how they can get “more chances to win”. As those who have some will know, Premium Bonds are a risk-free saving scheme, where each bond earns a unique number and is entered into a monthly prize draw.
Prizes range from £25 to £1 million, and the more bonds you have the higher your chances of a payout. In emails to customers, sent earlier this week, NS&I said: “Topping up your Premium Bonds boosts your chances of winning”.
The messages go on to say: “Every £1 saved in Premium Bonds is a chance to win in the monthly prize draw. So why not make saving automatic with a standing order? It couldn’t be simpler to set one up and, once it’s done, that’s it – you can sit back and enjoy watching your savings increase.”
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NS&I further explains that people will always receive an email or text to say the payment has been received, and that standing orders can be changed or cancelled at any time.
Similarly, money can be withdrawn at any time, without penalties or notice. NS&I added: “Remember, inflation can reduce the value of your savings over time.”
More than 370,000 NS&I savers have already set up a standing order, it said. The current annual prize fund rate is 3.6%, variable, with the odds of winning 22,000 for every £1, also variable.
Any prizes you win are free from UK Income Tax and Capital Gains Tax, the minimum you can pay in is £25, and the maximum you can save is £50,000. You’ll need to be 16 to buy Bonds, though you can set up an account for a child on their behalf.