Premium bonds make more millionaires

Friday, June 17, 2005

Two people per month will become Premium Bond millionaires from August this year.

Since April 1994, one Premium Bond holder has won the jackpot of £1,000,000 every month, from August the chance to win big will be doubled.

National Savings & Investments, which runs the government backed savings plan, will also be handing out an extra million prizes each month, from an increased prize fund of £72 million.

Launched in 1956, Premium Bonds benefit savers through a monthly prize draw for each pound invested which pays out anything between £50 and £1,000,000.

Entry into the monthly draws replaces the monthly payment of interest, a higher rate taxpayer could earn the equivalent of 5.42 per cent.

National Savings & Investments chief executive Alan Cook said: "Premium Bonds have been going from strength to strength in recent years and we wanted to share this success with people who want an exciting way to save money and enjoy the opportunity of winning one of two £1 million prizes each month, or one of the other million prizes we'll be giving away."