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Premium Bonds is a lottery bond scheme organised by the United Kingdom government since 1956. At present it is managed by the government's National Savings and Investments agency. The principle behind Premium Bonds is that rather than the stake being gambled, as in a usual lottery , it is the interest on the bonds that is distributed by a lottery.
As well as the two £1m bonds, there are 18 winners of £100,000, 36 of £50,000, 71 of £25,000, 178 worth £10,000 and 357 with a £5,000 prize. The chances of all bonds winning are the same ...
Lottery bonds are usually issued in a period where investor zeal is low and the government may see an issue failing to sell. By knowing ahead of time when the coupons will be paid and how many bonds will be redeemed at the original value and at the lottery value, the issuer can value the bond accurately and know ahead of time the cost of the borrowing.
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The Post Office had long been an agent for National Savings and Investments (NS&I), which was originally the Post Office Savings Bank but is now a wholly separate institution. From November 2011, only Premium Bonds could be bought in Post Offices, but the 156-year relationship ended in August 2015 when Premium Bonds became the final NS&I ...
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The first large-scale PLSA program in the United States was created in 2009 in Michigan, called "Save to Win". [2] [3] It was introduced as a full scale demonstration by Commonwealth (formerly D2D Fund Inc.), Filene Research Institute, and the Michigan Credit Union League following research by Peter Tufano from Harvard Business School, who co-founded Commonwealth in 2001. [4]