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NS&I to increase the number of £1 million prizes...
Kazza242
Posts: 2,199 Forumite
To celebrate the 50th anniversary of premium bonds, NS&I have announced that they will give away five £1 million prizes in each of its two anniversary draws.
In both December 2006 and June 2007, there will be three extra £1m jackpots, in addition to the usual two, giving premium bond holders five chances to win £1 million for two months only.
The overall odds of winning a prize of any value with a £1 bond will remain the same at 24,000 to 1. However, the odds of a £1,000 holding winning one of the £1 million prizes is estimated to improve from 16 million to 1 to 6.5 million to 1 for the December and June draws. The odds of a £10,000 holding winning one of the £1 million prizes is estimated to improve from 1.6 million to 1 to 646,000 to 1.
To qualify for the December draw buy your premium bonds by October 31.
NS&I Press release: Ernie To Create More Premium Bond Millionaires To Celebrate 50th Anniversary (9 September 2006)
In both December 2006 and June 2007, there will be three extra £1m jackpots, in addition to the usual two, giving premium bond holders five chances to win £1 million for two months only.
The overall odds of winning a prize of any value with a £1 bond will remain the same at 24,000 to 1. However, the odds of a £1,000 holding winning one of the £1 million prizes is estimated to improve from 16 million to 1 to 6.5 million to 1 for the December and June draws. The odds of a £10,000 holding winning one of the £1 million prizes is estimated to improve from 1.6 million to 1 to 646,000 to 1.
To qualify for the December draw buy your premium bonds by October 31.
NS&I Press release: Ernie To Create More Premium Bond Millionaires To Celebrate 50th Anniversary (9 September 2006)
Please call me 'Kazza'.
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Comments
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Kazza242 wrote:To celebrate the 50th anniversary of premium bonds, NS&I have announced that they will give away five £1 million prizes in each of its two anniversary draws.
In both December 2006 and June 2007, there will be three extra £1m jackpots, in addition to the usual two, giving premium bond holders five chances to win £1 million for two months only.
The overall odds of winning a prize of any value with a £1 bond will remain the same at 24,000 to 1. However, the odds of a £1,000 holding winning one of the £1 million prizes is estimated to improve from 16 million to 1 to 6.5 million to 1 for the December and June draws. The odds of a £10,000 holding winning one of the £1 million prizes is estimated to improve from 1.6 million to 1 to 646,000 to 1.
To qualify for the December draw buy your premium bonds by October 31.
NS&I Press release: Ernie To Create More Premium Bond Millionaires To Celebrate 50th Anniversary (9 September 2006)
Fingers crossed:cool:0 -
Sounds like they will reduce the payouts on the other prizes (more smaller prizes) to keep the percentage payout the same.
I think this is a bad thing. Would prefer it if they didn't have a million pound prize at all rather than more of them.0 -
nrsql wrote:Sounds like they will reduce the payouts on the other prizes (more smaller prizes) to keep the percentage payout the same.
I think this is a bad thing. Would prefer it if they didn't have a million pound prize at all rather than more of them.
It actually looks like they are temporarily increasing the Premium Bond prize fund rate for these two anniversary draws from 3.15% to 3.30% to fund the extra payouts so the 24000:1 odds of winning a prize and the number of smaller prizes will not be affected.
Regards
Sunil0 -
Looks like it.
Where does the extra money come from? Are they reducing the exchequers cut?
Or maybe this is due to the boe rate increase - they are just passing it on for one months draw and only part of it at that.0
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