Ernie… ‘not just the fastest milkman in the west’

In 1956, Harold Macmillan launched the new Premium Bond Scheme. The idea is to encourage those who found prize-winning more appealing to save their money.   Ernie – Electronic Random Number Indicator Equipment -became critical to the Premium Bond Scheme, as it selected the winners at random.  There have been several Ernies as computers changed and morphed into hardware we know today.

More recently, Ernie will have to work even harder, as in the last budget there was further change to Premium Bonds and as from the 14th June, the maximum amount of investment into Premium Bonds increases to £40,000. This is quite a step-change from the previous£30,000 limit. The rationale is to encourage more participation and given more support to savers. Over 21 million people hold Premium Bonds and they continue to remain popular because they offer a chance to win tax-free prizes, and are relatively simple and easy to buy.

Whilst Premium Bonds can cause great excitement when the prize is drawn to create a new millionaire in the UK, it’s our opinion that the chances of winning are painfully low, so perhaps it is better to look at more structured way to save and invest.  If you need advise on investments, please get in touch with Searchlight Investments: 01923 896189.





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