52,000 extra monthly Premium Bonds prizes from August
There are more Premium Bonds prizes available from August.
National Savings & Investments has announced that from August's draw onwards there will be an extra 52,000 prizes available.
Following the increase on the limit you can save in Premium Bonds from £30,000 to £40,000 announced in the Budget, NS&I has now upped the prize fund rate from 1.30% to 1.35%. As a result, the number of prizes in each category from 1st August will either increase or stay the same.
The annual prize fund rate is paid on the total number of eligible funds in the draw. Since the maximum limit increased in June, it has gone up by over £1.3 billion.
So the value of prizes will rise from £51,998,425 in July to £55,517,300 in August, while the number of prizes grows from 1,845,745 to 1,898,030.
Breaking it down
Here is ERNIE’s new prize distribution at a glance.
|
Value of prizes |
Number of prizes in July 2014 |
Number of prizes in August 2014 (estimate) |
|
£1,000,000 |
1 |
2 |
|
£100,000 |
3 |
4 |
|
£50,000 |
7 |
7 |
|
£25,000 |
12 |
15 |
|
£10,000 |
33 |
38 |
|
£5,000 |
64 |
76 |
|
£1,000 |
831 |
1,110 |
|
£500 |
2,493 |
3,330 |
|
£100 |
12,534 |
15,211 |
|
£50 |
12,534 |
15,211 |
|
£25 |
1,817,233 |
1,863,026 |
|
Total prize fund value |
£51,988,425 |
£55,517,300 |
|
Total number of prizes |
1,845,745 |
1,898,030 |
|
Prize fund split Higher value prizes (£5,000 – £1,000,000) Medium value prizes (£500 – £1,000) Lower value prizes (£25 – £100) |
5% 4% 91% |
7% 5% 88% |
|
Odds of each individual (£1) Bond number winning a prize |
26,000 to 1 |
26,000 to 1 |
Source: NS&I
Check out other ways of saving with lovemoney.com
More on savings:
EARN TOP RATES ON YOUR SAVINGS WITH CASTLE TRUST FORTRESS BONDS
Most Recent
Comments
-
Upping your holding from £30K to £40K increases your chances of a win by one third. As Fenemore says it is a matter of gambling with the interest. Your capital is safe, unlike with a lottery. With a 1.35% equivalent pot, the prize fund equates to 1.69% for a basis taxpayer or 2.25% for a 40% taxpayer. Mike
REPORT This comment has been reported. -
@fenemore - with £40k in Premium Bonds you have already had more than 'average luck'. and it seems silkycat doesn't realise the link between interest rates and the prize pool - jeez
REPORT This comment has been reported. -
I agree with FENEMORE. I've had the previous maximum £30k in for three years and have averaged about 1% over the period. £25 most months, sometimes two 25's and the odd £50. Still waiting for the big one - at least my chances have dropped to just 13,000 to 1! Much better odds than the lottery and I've still got my stake money. Perhaps this is the only benefit from low interest rates for savers.
REPORT This comment has been reported.
Do you want to comment on this article? You need to be signed in for this feature
28 July 2014