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Media centre /
Press releaseNS&I LAUNCHES NEW PREMIUM BONDS REGULAR SAVINGS SCHEME13 October 2004A new hassle-free savings scheme which will allow people to invest in Premium Bonds by standing order is to be launched by National Savings & Investments (NS&I) on Monday 18th October. A fun, secure and easy way to save tax-free each month, the new scheme will allow customers to set up standing orders for Premium Bond purchases from £50 upwards, with no limit on how much can be invested each month providing the customer does not exceed the maximum holding of £30,000. Encouraging regular savings Research from NS&I has found that less than two-thirds of people actually save on a regular monthly basis. The new Premium Bond scheme is easy to set up and means customers don’t have to worry about remembering to make regular transfers. Customers who already have Premium Bonds can set up a standing order straight away, new customers will need to make an initial purchase of at least £100. Customers should ensure the standing order will not take them over the maximum £30,000. Standing order mandates will be included in all welcome packs for new Premium Bond purchases or can be requested by calling NS&I on 0845 964 5000. The Premium Bond Renaissance The popularity of Premium Bonds has grown dramatically over the past five years as the amount invested has more than doubled to over £25 billion. Nationally, 23 million people hold Premium Bonds. On average, customers make new investments worth £400 million each month and over 140,000 customers already make multiple investments throughout the year. This new scheme provides an easier way to invest regularly. How to buy Premium Bonds
How Premium Bonds work Premium Bonds go into a monthly draw and, if ERNIE – the Blackpool-based number cruncher – produces numbers that match a Premium Bond held by a customer, a prize, ranging from £50 up to the £1 million jackpot, is awarded. In October 2004, over 1 million prizes worth £65 million were awarded. The overall value of prizes paid out each month is based on the prize fund rate and the number of Bonds in the draw. This means the more money invested in Premium Bonds, the higher the overall value of prizes awarded. The prize fund rate is currently 3.2% p.a. following a double rate rise on 1 October, and the odds are currently 24,000 to 1. Like all National Savings and Investments products, Premium Bonds offer investors 100% security, backed by HM Treasury, as well as the sense of fun that comes from winning tax-free prizes. Other NS&I regular savings products You can also make regular payments via a standing order into three other NS&I savings products. Standing order forms are available for the Easy Access Savings Account, Investment Account and cash mini ISA on 0845 964 5000. ENDS
Notes to Editors
A full history of Premium Bonds and a wide selection of photography is available from NS&I. Contact the media team for more information. NS&I is the exclusive sponsor of IX Investor 04, a one-day exhibition at London Olympia, designed to help private investors get the best return on their investments. Investor 04 is on Saturday 23 October 2004. More information at www.ix-expo.com. National Savings and Investments media team
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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