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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.
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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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.
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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Post Offices, but the 156-year relationship ended in August 2015 when Premium Bonds became the final NS&I product to be withdrawn from sale at Post Office counters. [8] Post Office Money now offers its own range of savings products, which are sometimes in competition with those offered ...
Bonds that go above their issue price are called premium bonds, while those that fall below it are called discount bonds. Bond prices can fluctuate for a number of reasons, including: