It has been announced that September will be the first month ever that Ernie will draw one million different winning numbers from the Premium Bond Prize Fund. It look s like being a record breaking month with over £56m due to be paid out.
Our view
Since the increase in the maximum limit that you can invest in premium bonds to £30,000 was announced last year, there has been some dissatisfaction amongst bond holders as the chances of winning fell.
However, with the increase in the number of prizes the odds of a win have fell from 30,000 to 24,000-1. Premium bonds are also great investments for basic and higher rate taxpayers as winnings are paid tax free.