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There’s welcome news this week for premium mortgage holders in Britain: from next month there will be more withdrawals.
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The increase in the pot means there will be three times more prizes of £100,000, £50,000, £25,000, £10,000 and £5,000 available in January than there are this month.
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But are premium bonds a good bet or a waste of time? Are they better than banks in creating a savings account? (If you have money to hide, that is.)
Premium links position themselves as high-stakes games – you get your money back if you lose.
Sarah Coles, chief economist at investment firm Hargreaves Lansdown, said the shake-up was “a wise move at a time when we know people are looking for solutions to their financial problems”.
He added: “We know that attracting rewards can be very tempting in times like these, so bonds are positioning themselves as a winning game – and you’ll get your money’s worth.” if you win.”
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However, it is important to be aware of the great reduction of bonds in the current climate: they do not pay interest and therefore it is easier to get inflation than other currencies.
And while you might get lucky and make life-changing money, there’s no guarantee you’ll win anything.
When you buy premium bonds, be entered into monthly competitions where you could win between £25 and £1m for free.
National Savings and Investments (NS&I) has announced that the premium interest rate – the proportion of total money allocated to premium – is rising from 2.2% to 3% next month.
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The odds of winning on any £1 bet will be the same as 24,000-1 but NS&I have increased the number of prizes and reduced the maximum to £25.
As a result, the number of prizes of $100,000 will jump from 18 this month to 56 in January, while the number of $50,000 will increase from 36 to 112.
NS&I said bond yields will be raised from 2.2% to 3% next month. Photo: Mark Richardson/Alamy
Meanwhile, there will be 223 £25,000 prizes – up from 71 this month – while the £10,000 prize will go from 178 to 559, and the £5,000 prize from 359 to 1,118. .
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However, the £1m prize pool does not change – it is done twice a month.
The new 3% interest rate is higher than the easy deposit rate offered earlier this week (2.9%), according to the best buy table provided by Moneyfacts.
Still, Coles says, people should remember that the odds of winning are still 24,000-1, “so the average lucky person won’t win anything”.
He adds: “By investing your money in bonds, you lose any interest you would have earned on your money elsewhere.”
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However, what will comfort many people is that the financial chain offers “100% financial security” because NS & I – which has 25 million customers – is supported by the Treasury.
According to Martin Lewis of MoneySavingExpert.com, while the increase in prize money is good news, the chances of winning for many people are still low.
He adds: “For many investors who are happy, and who do not pay tax and interest savings, money is always cheap.” This is because saving money always gives interest. “
If you are looking for unpredictable returns or want a stable investment, bonds are not the way to go. However, some people may think that with a small amount of money, they can enjoy their money.
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Even the lowest prize of £25 is more attractive as some people can take a year from their savings account.
The minimum investment amount is £25, and you can continue to buy them until you reach £50,000.
You can find out if you’ve won the competition by using the prize tracking tool on the NS&I website or prize finder, or by asking Alexa. Why you have a chance of winning £100,000 in premium cash – but not a chance of winning £1m: Discover your chances after making a big change in payout
More than 66 years after its introduction, Premium Bonds are the easiest way to invest in Britain. Around 22.4 million of us will take part in the competition every month – that’s a third of the UK population.
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And over the past year, two major changes in National Savings and Investments (NS&I) have given investors reason to grow.
The first change this year is a further increase in the amount of £100,000 and £50,000 awarded.
In the latest May 2022 draw, there were only six prizes worth £100,000 and 11 worth £50,000. In the latest April 2023 edition, these prizes have increased tenfold, with 62 paying £100,000 and 125 paying. £50,000.
Favorites: Premium Bond is Britain’s most popular savings bond with around 22.4 million of us taking part in the competition every month.
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As always, you can invest from £25 to £50,000 and there is no risk of losing your money – it is well protected by a guarantee backed by the Treasury.
The second big change has been a rise in the amount paid to Premium Bond savers – by expanding the prize money and increasing the chance of winning a £1 prize every month.
This time last year, the starting price – or median annual salary – was 1pc. Today it is 3.3 percent.
And the odds of winning a prize in the monthly drawing, as chosen by Ernie’s supercomputer 5, have gone from 34,500-to-1 to 24,000-to-1.
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All of these have become ways to get more money to invest in premium funds, although there is a lot of competition from rising interest rates in banks and real estate companies.
In the April 2023 chart, there was approximately $120.5 billion in Premium Bonds, up from $117.8 billion in April 2022 and $86.1 billion in March 2020.
This means that the amount invested in Premium Bonds has increased by 40 percent in just three years. So how lucky do you need to be to win at Bond Premium?
‘I didn’t win, I quit my job last week. Are you sure Ant and Dec don’t walk in the door and say it’s a joke?’
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That’s what a $1 million winner told NS&I this month after he was told about the life-changing money from Agent Million (an advertising agent).
Since NS&I awarded its first £1 million prize in 1994, it has awarded 504 million premiums. And since August 2014, there have been two prizes of £1 million per cover.
Today, all other prizes available are: £25 (2, 145, 328 prizes); £50 (1,409,059); £100 (1,409,059); £500 (39,744); £1,000 (12,248); £5,000 (1,246); £10,000 (622); £25,000 (249); £50,000 (125) and £100,000 (62).
There have been special draws with over 1 million jackpots awarded – one in December 2006 and another in June 2007, making 5 million in each category, to celebrate 50 years of selling Premium Bonds in the original draw, in one by one.
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Prize Promotion: As recently as May 2022, there are only six prizes paying £100,000 and 11 paying £50,000. In the most recent competition in April 2023, these prizes increased tenfold.
The odds of winning £1 million have increased over the past year. According to NS&I data analyzed by Money Mail, the average holder of premium income currently has $5,250 invested in bonds.
A year ago, someone with £5,000 had a one in 11.78 million chance of winning one of the £1 million monthly prizes.
This is as high as 1 in 12.05 million. Those with £50,000 invested have a 1 in 1,204,502 chance of winning £1 million, compared to 1 in 1,178,198 a year ago.
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Over the past 12 months, a total of 24 people have won the top prize of £34,876. Nine of these winners – or more than a third – have a total of £50,000. .
There is great information about your chances of winning £50,000 or £100,000, as the number of these prizes has increased significantly.
A person with £5,000 now has a 1 in 388,548 chance of winning £100,000, compared to 1 in 3,927,324 a year ago.
It now has a 1 in 192,720 chance