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Premium bonds are an investment product from the National Savings and Investment (NS&I), which is owned by the government. Each month, millions of savers are entered into a prize draw to win cash ...
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.
National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It is both a non-ministerial government department [2] and an executive agency of HM Treasury. [3]
From 1998 to 2016, the Saturday night draws were usually presented as part of a game show that is shown to be associated with the lottery branding. Most of the game shows were partially pre-recorded and live in the case with Winning Lines and Jet Set where the first two rounds were pre-recorded but the final round was broadcast live, with the ...
The individual bonds within each issue are numbered, like ordinary bonds, but the serial numbers serve a different function from ordinary bonds. For a lottery bond the serial number is an added incentive for the purchaser to buy the bond. Although the details vary by bond and by issuer, the principle remains the same. A drawing takes place ...
A Prize Bond is a lottery bond, a non-interest bearing security issued on behalf of the Irish Minister for Finance by the Prize Bond Company DAC. Funds raised are used to offset government borrowing and are refundable to the bond owner on demand. Interest is returned to bond owners via prizes which are distributed by random selection of bonds.
Essentially, people are likely to associate and have faith in things which readily come to mind, such as winning a lottery, as lottery winners are prevalent in media. Another behavioral economic concept which contributes to the success of prize-linked savings is the sunk cost fallacy. [35]
It looks as if the concept does have a much longer and richer history than indicated in the article, though I don't have many details. The Oxford English Dictionary defines "premium bond" in non-specific terms as "a bond earning no interest but eligible for lotteries", and then offers the following pre-1956 quotations: