What happens to Premium Bonds money?
Does it end up in the hands of the Chancellor of the Exchequer or does it get invested in a more worthwhile cause?
Answers:
I've wondered this myself and found this link for you. It answers most questions.
They go into a draw for prizes but I am also pretty sure that money must be creamed off by the Chancellor, even if it is only the interest. The whole idea was that people would buy them after the war to help cashflow.
"Today there are £21m worth of Premium Bonds sold every day. £14,500 is invested every minute and 23m people – around 40% of the population - own them. The average holding is £1,131. Almost 50% of bonds holders have had their investment for more than ten years"
I should think the money is invested,otherwise how would they get the money to pay the winners.And no not to chancellor.
These days they do pay out very significant amounts of prize money. If you have the £.30.000.00 maximum holding, the odds work out that you should receive at least five prizes a year. However if you received five prizes of only £.50.00. each year, that £.250.00. is not a very good return on £.30000.00. p.a.
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Answers:
I've wondered this myself and found this link for you. It answers most questions.
They go into a draw for prizes but I am also pretty sure that money must be creamed off by the Chancellor, even if it is only the interest. The whole idea was that people would buy them after the war to help cashflow.
"Today there are £21m worth of Premium Bonds sold every day. £14,500 is invested every minute and 23m people – around 40% of the population - own them. The average holding is £1,131. Almost 50% of bonds holders have had their investment for more than ten years"
I should think the money is invested,otherwise how would they get the money to pay the winners.And no not to chancellor.
These days they do pay out very significant amounts of prize money. If you have the £.30.000.00 maximum holding, the odds work out that you should receive at least five prizes a year. However if you received five prizes of only £.50.00. each year, that £.250.00. is not a very good return on £.30000.00. p.a.
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