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Suffolk residents have won over £8.2 million in Premium Bonds prizes this month, with thousands of bondholders scooping cash rewards.
The big picture: Premium Bonds, issued by National Savings and Investment (NS&I), offer a unique investment opportunity where holders can win tax-free prizes ranging from £25 to £1 million instead of earning traditional interest.
By the numbers: This month, 103,575 prizes were awarded to Suffolk bondholders with a total value of £8,245,275.
294 Suffolk residents won £1,000 prizes
34 bondholders scooped £5,000 rewards
20 lucky investors claimed £10,000 prizes
7 Suffolk residents won substantial £25,000 prizes
3 bondholders hit the £50,000 jackpot
4 fortunate investors claimed the top prize of £100,000
How it works: Premium Bonds are entered into a monthly prize draw, giving holders the chance to win cash prizes while their initial investment remains safe. The odds of winning a prize in the monthly draw are one in 21,000.
The bottom line: While not guaranteed to win, Premium Bonds offer investors an opportunity to potentially grow their savings through tax-free prize draws. If you want to find out more, Money Saving Expert's Martin Lewis has a good guide: https://www.moneysavingexpert.com/savings/premium-bonds/
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