Ns&I Premium Bonds Review
A premium bond is somewhat like a savings account except that you have the chance to win cash in a monthly prize draw. better to try for bonuses the site bondsjackpot.com In your National; Savings and Investments (NSI) account, you can deposit an amount between £100 and £40,000.
While you can deposit the same money in a standard saving account, what makes premium bonds so different is the fact that instead of fixed interest on your deposit, you will be receiving money in the form of a monthly prize. The amount you may win as a result of this draw varies between £25 and £1 million.
This number has attracted a lot of savers in the UK towards this method of putting money aside rather than putting them in a savings account. This is why you should do an NS&I Premium Bonds review before making a decision.
How Does It Work?
The total prize will be determined by the interest rate on the total bonds held. The latest prize was set against a rate of 1.5% and the chances of winning the bond were 24000:1.
Premium Bond Accounts
Once you've deposited the money in the account, you will receive bonds that are equivalent to its value. These can either be purchased on the phone or online. Anyone over the age of 16 is eligible to purchase the instrument. Guardians can also purchase them on behalf o those aged under that limit.
Each bond is assigned Scrath cards a unique number which is put into the prize draw every month. The number will be used in all subsequent prize draws until you have cashed the amount in your account.
Why Premium Bonds
Many individuals are going towards them due to the current instability of the economy. It is a way of making sure that the investment is completely safe from harm and the volatility of the economy. It gives people the opportunity to aim for higher prizes without putting their savings at risk.
Is It Worth It?
There are a lot of doubts surrounding these instruments and many often wonder whether they should simply opt for a savings account instead and benefit from the fixed interest. The very first doubt is that of the slim chances of winning for sweepstakes. The 24000:1 ratio isn't a great bet by any standards and even the national lottery provides better odds than that.
Another point to consider is that since the money will be placed in an account it will be subject to inflation and deflation. Investing in an asset on the other hand will protect it from such volatility. NSI-Premium-Bonds-Reviews become imperative in these cases.