1st June 2015
Savers can now invest a further £10,000 in premium bonds as National Savings & Investment (NS&I) has upped the maximum holding limit from £40,000 to £50,000.
Issued by the government backed NS&I, as opposed to paying interest, premium bond holders are entered into monthly draws for prizes.
Each month ERNIE, NS&I’s Blackpool-based random number generator, produces numbers that deliver prizes ranging from £25 up to the £1m jackpot.
The change follows the Chancellor George Osborne’s announcement in the 2014 Budget that NS&I would help support savers by increasing the Premium Bonds investment limit. It comes 12 months after the Premium Bonds limit was increased from £30,000 to £40,000 with a second £1m prize-winner also being introduced from August 2014.
In addition to the changes to the Premium Bonds limit, parents or legal guardians can now purchase premium bonds for their children directly online or by phone for the first time.
Jane Platt, NS&I’s chief executive said: “Premium Bonds are one of the nation’s favourite ways to save. Last year we saw a huge level of interest when we raised the limit from £30,000 to £40,000 and this latest increase to £50,000 is further good news for customers who want to save more and to give themselves extra chances to win a tax-free prize.”