As confirmed in today’s Autumn Budget by Chancellor Philip Hammond, National Savings and Investments (NS&I) has announced the minimum investment for premium bonds will be reduced from £100 to £25.
This change will come into effect by the end of March 2019, and marks the lowest the minimum purchase has been for all customers since 1993. Customers will also be able to set up standing orders to purchase a minimum of £25 to save on a regular basis, rather than the current £50, while the maximum investment limit will remain at £50,000 for each bond holder.
Furthermore, adults other than parents and grandparents will be able to purchase premium bonds for children under 16, such as aunts, uncles, godparents and family friends. The purchaser of the bonds will, however, need to nominate one of the child’s parents or guardians to look after the bonds until they turn 16.
Commenting, NS&I chief executive Ian Ackerley said: “By lowering the minimum investment and making gifting for children accessible to all adults, we are extending the opportunity for more people to save and trying to encourage a savings habit, especially among younger people. This supports a strong savings culture for families in a product that has spanned the generations, and for those who want to save little and often.”
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