17/02/2009 by bill.

A major nationwide search has been launched by NS&I (National Savings and Investments) to track down the winners of over 550,000 unclaimed Premium Bond prizes worth over £30 million in total. This is the largest amount ever left unclaimed and includes one prize worth £100,000, two worth £25,000 and ten worth £10,000.

The prizes commonly become unclaimed because people fail to pass on new addresses when they move house, they have forgotten that Bonds had been bought for them when they were a child or executors are unaware the Bonds are held when someone dies. Over a third (37%)1 of people who have lost touch with their savings have moved home and failed to tell all their financial providers their new address . Half (50%) say they find it difficult to remember all of the accounts they have opened over the years.

The unclaimed prizes range all the way up to £100,000 from £25. NS&I gives away over one million tax-free* Premium Bond prizes each month.

You can check whether you are a winner on the Premium bond website.

Click here for more information about Premium Savings Bonds

Posted in Premium Savings Bonds | Print | No Comments »

03/12/2008 by bill.

National Savings and Investments cut the notional interest rate for calculating the prize pool to 1.8% following the Bank of England decision last month to cut the lending rate.

The result is a dramatic fall in the number of prizes paid out. For example the number of £25,000 prizes has fallen from 75 in December 2007 to just 2 this month.

The number of £1m jackpot winners has been maintained at 2 a month.

The odds of any single bond winning a prize are now 36,000 to one.

If, as expected, the Bank of England cuts rates again this week, the number of prizes will fall further.

However, as with all NS and I investments savers find them attractive because they are backed by the government and are totally safe and any prizes won are tax free.

Click here for more information about Premium Savings Bonds

Posted in Premium Savings Bonds, Interest rates | Print | No Comments »

19/11/2008 by bill.

Anyone tempted to consider switching savings to Premium Savings Bonds as a result of cuts to the interest rates paid on their savings account should bear in mind that the notional interst rates used to pay out prizes has fallen dramatically as a result of the fall in the Bank of England lending rate to 3%.

The notional interest rate for Premium Bonds is now down to 1.8% with the odds of any bond winning a prize in any month now 1:36000.

For more information about Premium Savings Bonds see moneyjungle.net

Posted in Premium Savings Bonds, Interest rates, Savings | Print | No Comments »