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Media centre /
Press releaseRECORD £1 BILLION INVESTED IN PREMIUM BONDS IN MAY17 June 2003As people continue to look for a safe haven for their money sales of Premium Bonds in May broke through the £1 billon barrier, beating the previous record of £580 million set in January this year. Overall, £1.1 billion Premium Bonds were bought by 240,000 people, in purchases ranging from £100 to £30,000 purchases. As well as the 100% security that Premium Bonds offer investors, the key factor driving the extra sales has been the decision on 12th May to increase the holding limit by £10,000, enabling people to invest up to £30,000. The increase was due to customer demand and it gives people the opportunity to have 10,000 more chances of winning a prize every month. Premium Bonds, run by National Savings and Investments (NS&I), are a unique investment that offers savers tax-free prizes rather than a normal interest return. In June 2003, 650,000 prizes worth £37 million were won, including the monthly jackpot prize of £1 million. Since 1956, the total amount invested, by 23 million people, has risen to over £20 billion. There has been a seven-fold increase in ten years (in May 1992, the amount invested was £2.7 billion). Gill Cattanach, NS&I Commercial Director, said: "People of all ages up and down the country are ploughing their money into Premium Bonds, which have become a trusted part of the nation's financial fabric. "There's a real buzz about Premium Bonds at parties and in pubs across Britain. At the weekend, I was having a meal in my local Chinese restaurant and I even overheard a couple talking about them at the next table. It seems everyone has a Premium Bond story to tell." How Premium Bonds work Like all National Savings and Investments products, Premium Bonds offer investors 100% capital security because they are backed by HM Treasury. Investors can cash in their Premium Bonds at any time. How to buy Premium Bonds
The chances of winning a prize The prize fund rate is currently 2.25% per annum tax free - equivalent to 2.81% gross for a basic rate taxpayer and 3.75% gross for a higher rate taxpayer. ENDS Notes to Editors1. National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products (to 30 million customers). All products offer 100% security, because they are backed by HM Treasury. 2. For further information, interviews with Gill Cattanach and digital images, contact the NS&I Media Team. An ISDN line is available for interviews: 020 7602 4522.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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