Bonus Bonds lifts top monthly prize to $1 million

Bonus Bonds lifts top monthly prize to $1 million

One lucky New Zealander will wake up to a vastly different financial future today as Bonus Bonds creates its first millionaire.

A revamp of the 37-year old Bonus Bonds tradition has seen the top monthly prize increase this month to $1 million from $300,000, with the results of the first prize draw that includes a top prize of $1 million being published today.

All prize draw winners will receive notification by mail, with letters expected to arrive in mailboxes from Tuesday. However those that miss out should not be too disappointed, as there is always next month, when the $1 million prize will be drawn again, as well as over 200,000 smaller denomination prizes which are drawn monthly.

Head of Bonus Bonds, Mark Pickering said “we asked our Bondholders and the general public what they wanted from Bonus Bonds, and the clear message was that most prefer a top prize of $1 million, as well as the many other smaller prizes,”

Nearly a quarter of New Zealanders own Bonus Bonds. The last time the top prize was increased was in 1996 when it went to $300,000.

“Bonus Bonds are easy, once you buy them and have held them for a complete calendar month, those bonds are automatically entered into each monthly prize draw for as long as you continue to hold them” he says

If you are one of the lucky winners, you will receive the whole tax paid cash amount, as the prize amounts are never split,” he says.

“Bonus Bonds make an excellent gift. What other gift gives you an ongoing chance to win $1 million?”

Statistically the chance for a Bondholder to win a cash prize in each monthly draw is between 1 in 9,600 and 1 in 11,000.

“With a lottery ticket, the money you pay for the ticket is gone once the draw has been completed. To enter another draw you have to buy a new ticket, so the money is spent – not saved. But with Bonus Bonds, not only are you in with a chance to win cash every month, but you’re saving money at the same time,” Mr Pickering says.

Bonus Bonds will present a $1 million prize to one winning Bondholder every month as part of a total tax-paid monthly prize pool of over $6 million – made up of more than 200,000 individual cash prizes.

Ends

© Scoop Media