UK Money News
21st December 2007
Low interest 'leads to premium bonds'
Poor levels of interest in other modes of help with finance have led increasing numbers of people to purchase premium bonds, according to one body.
Asset management services provider Hargreaves Lansdown states that because interest rates on savings accounts have not presented an attractive option, consumers have looked to premium bonds to provide help with money in their place.
The firm explains that the returns made on such bonds are tax free - making them particularly attractive to those who are self-employed.
Mark Dampier, head of research at Hargreaves Lansdown, said: "You don't have to put them on an income tax return form. They are easy to use. The only downside is that you do have to buy quite a lot now."
However, he said that the minimum purchase of such bonds now stood at £100 - when it used to be £1 or £2.
Since August 2005 there have been two £1 million jackpots drawn monthly on the bonds as well as a million other cash prizes.
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