Premium Bonds
Scams On Premium Bonds. NSIs Premium Bonds savings vehicle is unusual it doesnt pay interest.
Before we get into the advantages lets take a look at the basics of how premium bonds work.
. A Premium Bond is a lottery bond issued by the United Kingdom government since 1956. Instead savers purchase 1 bonds which are entered into a draw on the first of each. Prizes are drawn monthly and range from 25 to 1 million paid free of tax.
Premium bonds may avoid negative tax consequences. A premium bond is a bond that is selling for more than its par value on the open market. For example if you invest.
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For every 1 of savings you invest youll get a unique bond number. If you held the maximum of 50000 you would on average win one-two prizes a month although they would most likely all be 25. A recent report in the Times newspaper describes a scam targeting people with premium bonds.
At present it is issued by the governments National Savings and Investments agency. Hannah Jewell invested PS1700 in a high-interest. The maximum premium bonds you can hold is 50000.
If you buy an outstanding bond in the secondary market at a price of less than par and hold it until it matures at the. The National Savings and Investment NSI offers Premium Bonds holders the chance to win tax-free prizes worth between 25 and 1 million pounds through a random draw. Premium Bonds are valued at 1 each and the minimum holding is 25 maximum 50000.
Bonds usually trade for a premium if their interest rate is higher than the market.
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