Second Monthly Premium Bonds Jackpot Announced
National Savings introduces a second monthly £1m prize
17th June 2005
National Savings and Investments (NS&I) has announced the introduction of a second monthly £1m jackpot for premium bond holders.
The new prize, which like other NS&I prizes, will be tax-free, will be introduced from August onwards with bonds bought before the end of June in with a chance for the first extra prize.
The additional jackpot is the first major change in the premium bonds prize structure since 1994 when the first £1m jackpot was introduced - although there has been a steady growth in the amount of smaller prizes over the years since then.
NS&I say that the new jackpot is possible because of strong growth in the premium bonds scheme, with more funds invested over the last six years than in the previous 42 years put together.
Premium Bonds are a HM Treasury-backed investment vehicle that offers no guaranteed rate of return, but a chance to win a range of monthly cash prizes, and allows a full refund at any time. The average bond holder will see a return equivalent to 5.42% for a higher rate taxpayer and 4.06% for a basic rate taxpayer, according to figures from NS&I.
Read More: National Savings and Investments
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