This month is the 60th anniversary of Premium Bonds. Given that National Savings & Investments recently revealed that there are £54 million of unclaimed prizes, it might be a good time to check whether there’s a prize out there with your name on it.
Premium Bonds came about through an iniative to encourage people in post-World War II Britain to save more – and 60 years later it’s still going strong.
Many other savings and investment schemes have come and gone, but Premium Bonds remain very popular. Perhaps the appeal is in the fact that although returns are small, there is the possibility of winning a tax-free prize. Of course, the other side of the coin is that if you don’t win anything, they are a pretty poor investment.
More than 21 million customers hold more than £63 billion worth of Premium Bonds. These are held on average for 25 years and 41,000 bonds that were sold in November 1956 are still eligible for the monthly prize draw.
The first Premium Bond number generator was invented by Cold War code breakers and each model has become smaller and faster. The numbers are generated at generated at random. You might think that the chance of winning is pretty small, but you’ve got to be in it to win it.