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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.
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 [1] and an executive agency of HM Treasury. [2]
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.
€371.1 million (US$394.6 million) was the largest single-ticket jackpot in Italy's SuperEnalotto lottery, won on 16 February 2023. €98.4 million (US$112.0 million) [ 79 ] was the largest jackpot in Spain 's La Primitiva (not to be confused with El Gordo de la Primitiva ), won by a single ticket holder on Thursday 15 October 2015.
Pages in category "Lottery winners" The following 31 pages are in this category, out of 31 total. This list may not reflect recent changes. A.
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Index-linked Savings Certificates are British inflation linked bonds from National Savings and Investments, the state-owned savings bank in the United Kingdom. The bond terms are typically 2, 3 or 5 years. The returns are linked to Retail Price Index (RPI) with a tiny added interest rate on top. The Bonds can no only be cashed in at maturity.
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: