Tuesday, December 6, 2022
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NS&I holds Premium Bond fee

NS&I has held its Premium Bond prize fee at 1% regardless of fee rises on its Revenue Bonds and Direct Saver merchandise.

Premium Bond prize charges stay on the 1% they have been lower to in December 2020,with no additional rises on the desk for this yr.

NS&I raised £1.6bn within the three months to December, in line with its provisional outcomes launched yesterday.

Three quarters of the best way via its monetary yr it has raised £2.2bn of its £6bn goal for the yr (excluding Inexperienced Financial savings Bonds).

NS&I has boosted the charges on its Revenue Bonds 3 times this monetary yr from 0.1% to 0.5%.

It has additionally raised the speed on its Direct Saver twice from 0.15% to 0.5%.

Sarah Coles, senior private finance analyst at Hargreaves Lansdown, mentioned she doesn’t anticipate to see any rise to the Premium Bond prize charges.

She mentioned: “So far as NS&I is anxious, there’s no want to spice up prizes. When it celebrated the sixty fifth birthday of Premium Bonds in November,  21.1 million folks held 113,081,411,333 bonds. That’s virtually double the quantity held 5 years earlier, and round 4 instances as many as have been held on its fiftieth birthday.

“Premium Bonds are a nationwide treasure, they usually haven’t misplaced their lustre. Through the pandemic, savers flocked to acquainted manufacturers, and whereas they left NS&I’s different merchandise in droves when charges have been lower, Premium Bonds held agency.”

From the tip of this month NS&I is to refer £1m Premium Bonds jackpot winners to Licensed Monetary Planners or Chartered Monetary Planners. 

The winners will probably be directed to a Planner via Agent Million who will direct them to the CISI and PFS’s on-line directories.

Beforehand the winners had been referred to main Midlands Monetary Planning agency Matrix Capital for recommendation, which had been twice chosen by tender to run the service for over eight years.

NS&I’ll finish its contract with Matrix Capital from 31 March.

Treasury-backed NS&I is among the largest financial savings organisations within the UK, providing a variety of financial savings and investments to 25m prospects.

As a substitute of incomes curiosity on financial savings, Premium Bonds give holders the prospect to win tax-free money prizes from month-to-month prize attracts. The prizes accessible vary from £25 to £100,000, plus the £1m jackpot prize, which is given to 2 fortunate prize draw winners every month.

In March 2022, NS&I issued greater than 3.3m prizes value over £97m. Because the first prize attract June 1957, NS&I has given out 555m prizes with a complete worth of £22.7bn.

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