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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 ...
Prize band Prize value Estimated number of prizes each month Odds of winning exactly this amount with a £1 bond Odds of winning at least this amount with a £1 bond Higher value 10% of the prize fund: £1,000,000 2 1 in 64.36 billion 1 in 64.36 billion £100,000 82 1 in 1.57 billion 1 in 1.53 billion £50,000 163 1 in 789,737,809 1 in 521,163,007
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.
Originally bonds could be purchased as in units of five Irish pounds, with a minimum purchase of £10. Today the unit price is 6.25 Euros (equivalent to IR£4.92 at the final fixed exchange rate) and a minimum purchase of €25 is required. In September 2009 the Prize Bond fund exceeded €1bn for the first time. [3]
October’s prize draw also saw an extra £79m added to the prize pot, with the prize fund rate increasing from 1.40% to 2.20% — the biggest single increase in more than 40 years — and the ...
The number of higher cash prizes for bondholders is set to increase in next week’s draw
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