Extra Million Pound Draw Starts August

Extra Million Pound Draw Starts August.

The National Savings & Investments (NS&I) have announced that the second monthly million pound draw will be starting in August. This new second million pound draw for bond holders was first brought to light in the Chancellor George Osborne’s budget in March.

This means that a second monthly draw will be held every month and making 2 people millionaires.

As well as this from the 1^st June the maximum that a bondholder will be able to hold is £40,000 up from £30,000. And next year it will increase again to £50,000.

21 million people are currently bond holders and 600,000 hold the current total of £30,000.

Prize money won on bonds are paid out tax free at 1.3%.