NS&I creates a New Year millionaire

Tuesday, 05 January 2010 12:00

A man approaching retirement has become the latest Premium Bond millionaire, National Savings & Investments (NS&I) has revealed.

The man from outer London, who wants to remain anonymous, admitted he bought his bonds over 20 years ago and had almost forgotten he owned them.

Yet this month one of his bonds, bought in December 1987, was picked in the prize draw. The man had total holdings of £500, but won the jackpot worth £1 million.

He said: "The money has come just at the right time before my retirement and will need to be invested to provide an income."

NS&I revamped the Premium Bonds system in October to allow more people to win. It increased the fund rate by 1.5 per cent, creating around 500,000 extra prizes.

The number of prizes of between £5,000 and £100,000 paid in January was double the amount awarded in September before the rate increased.

Compare best savings accounts

• Tags:
• product news