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Premium Bonds

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A premium bond is a bond issued by the United Kingdom government's National Savings & Investments scheme. The government promises to buy back the bond on request for its original price. Interest is replaced by a lottery that distributes tax-free prizes or premiums to selected winners. The machine that generates random numbers for the lottery is called ERNIE, for Electronic Random Number Indicator Equipment. The top prize, awarded every month, is £1,000,000.

ERNIE is a hardware random number generator.

Each person may own between £100 and £20,000 in Premium Bonds.

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