Published On: Tue, Sep 3rd, 2019

How many Premium Bonds can you have? Maximum NS&I limit you can hold in 2019 | Personal Finance | Finance

Premium Bonds are a way of storing money for a person who has £25 or more to invest. The cost of a Premium Bond is £1, with the purchase of each bond offering holders the chance to win a £1 million jackpot, as well as other tax-free prizes. This is rather than an interest rate being earned, with the interest rate funding the monthly prize draw for tax-free cash. NS&I has said it currently has around 25 million customers.

The government-backed scheme is considered 100 per cent secure for investors, due to the backing of HM Treasury.

So, with the minimum holding of Premium Bonds being £25, what is the maximum amount a person can buy?

NS&I explains that the most a person can hold themselves is £50,000 of this savings product.

The interest rate which is used to calculate the prize fund is 1.40 per cent.

For each £1 unit, the odds of winning a prize are 24,500 to one each month.

That said, NS&I state the rate and that odds are variable.

The lowest prize level stands at £25, with the likelihood of scooping a prize decreasing as the prize levels increase – up to £1 million.

However, two lucky winners did get £1 million this month.

Electronic Random Number Indicator Equipment – otherwise known as ERNIE – determines the winners at random.

NS&I revealed some insight into who the new millionaires are.

Both male, the first winner is from Surrey, and has £41,595 invested.

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