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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 ...
Numbers are entered in the draw each month, with an equal chance of winning, until the bond is cashed. As of 2015, each person may own bonds up to £50,000. [4] Since 1 February 2019, the minimum purchase amount for Premium Bonds has been £25. As of January 2025 there are over 128.7 billion eligible Premium Bonds, each having a value of £1. [5]
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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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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Scottish Highlands and Wandsworth have new millionaires this month.