19 March, 2009
Just when savers thought that things could not get any worse the Treasury-backed savings provider National Savings and Investments (NS+I) has announced it is cutting the monthly Premium Bond Prize Fund. The prize fund rate will fall from 1.8 per cent to 1 per cent. There will then be only one £1 million prize in the monthly draw, down from two currently. The chance of winning the Jackpot would then be around 36 billion to one.
This news follows the recent reduction in the income that savers receive following interest rate cuts to their deposit-based Investments including Cash ISA's.
So what now for Savers and Investors? With Easter on the way the saying "Don't keep all your eggs in one basket" has never been more apt. With so much to consider the need for Independent Financial Advice has never been of more importance.