National Savings & Investments have announced that from April onwards one of the two monthly Premium Bond jackpot prizes of £1 million will be replaced by a wider variety of prizes in the monthly prize draws.
This should allow more people to win a prize whilst still having an opportunity to scoop the £1 million jackpot prize. A new £25 Premium Bond prize is to be introduced as the previous lowest prize on offer was £50. The current odds of each £1 Premium Bond number winning any prize will stay the same at 36,000 to 1, so with average luck an investor with £30,000 in Premium Bonds could win 10 tax-free prizes a year.
Wednesday, March 18, 2009
Wednesday, March 11, 2009
Savings rates hit new low
UK savings rates fell to a new record low during the last month as banks and building societies continued to pass on interest rate cuts to savers.
The average branch based instant access savings account now pays just 0.17% according to the Bank of England. Savers have been hit particularly hard by the large cuts in interest rates since October last year when base rate was 5% compared to the current base rate of 0.5%.
The average branch based instant access savings account now pays just 0.17% according to the Bank of England. Savers have been hit particularly hard by the large cuts in interest rates since October last year when base rate was 5% compared to the current base rate of 0.5%.
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