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Following an announcement in last Autumn’s Budget, from 1 June you can buy £50,000 worth of Premium Bonds, up from the previous limit of £40,000.
Bonds have to be owned for a full calendar month before being entered into the draw, which offers prizes from £25 up to £1 million. Currently over 21.2 million individuals hold £53.4 billion in Premium Bonds. Since the first draw in June 1957, 318.3 million prizes have been won totalling £15.8 billion in prize money.
As many of our clients will know, we do not endorse the holding of large sums in premium bonds for long term returns. The average rate of return is 1.3% and the chances of winning the maximum prize of £1m is equivalent to the chances of throwing 15 consecutive heads on the toss of a coin!
However, for those that are looking for guaranteed savings, and the excitement of that winning prize, they still prove a popular source of instant savings.