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Premium Bond Prize Pool to be CUT from 1st of June 06 !

 
Post new topic   Reply to topic    UK Money Saving Guides, Tools and Forums Forum Index -> Savings & Deposit Accounts
 
Author Message
Sarah
Money Manager
Money Manager


Joined: 16 Jul 2004
Posts: 831

Cash Points ££ 12024.38

PostPosted: Sun May 21, 2006 4:10 pm    Post subject: Premium Bond Prize Pool to be CUT from 1st of June 06 ! Reply with quote
NS&I will reduce the prize fund from 3% to 2.95% from June 1. This means that the chances of winning any of the big prizes has been reduced.

It means that there will be one fewer £50,000 prize and two fewer £10,000 prizes offered. The number of £100 prizes is being cut by more than a third from 63,910 to 41,550. The number of £50 prizes is being increased by around the same amount.


As of June 1 the total monthly prize pool will shrink from £76.6m to £75.4m. The odds of winning a prize will remain at 24,000-1, but the probability of winning one of the bigger prizes is reduced.
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Author Message
newsaver
Newbie
Newbie


Joined: 28 Feb 2005
Posts: 12

Cash Points ££ 202.10

PostPosted: Mon May 22, 2006 3:49 am    Post subject: Reply with quote
0.05% does not seem that big a cut, though with the talk about rate rises, why are they moving in the other direction ?
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sneekygirl
Newbie
Newbie


Joined: 19 Feb 2006
Posts: 20

Cash Points ££ 311.74

PostPosted: Thu May 25, 2006 12:55 am    Post subject: Reply with quote
A prize pool of 2.95% is abysmally poor return ! You can get 5% on savings account !!!

I suppose its good for higher rate tax payers... Confused
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Sami
Beginning Saver
Beginning Saver


Joined: 17 Apr 2006
Posts: 39

Cash Points ££ 795.66

PostPosted: Fri Jun 02, 2006 11:28 pm    Post subject: Reply with quote
Nope, not won anything this month Sad
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redrose
Beginning Saver
Beginning Saver


Joined: 04 Apr 2005
Posts: 33

Cash Points ££ 544.14

PostPosted: Thu Jun 08, 2006 12:25 am    Post subject: Reply with quote
I think the reason why I did not win anything this month IS becuase of the cut ! !!!

2.95% is a very crap rate ! Mad
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