Millions of pounds more in Premium Bonds prizes will be up for grabs from next month as NS&I increases the prize fund rate from 1.40% to 2.20%, adding an expected £76 million to the prize fund for October.
The changes will see the number of £5,000, £10,000, £25,000, £50,000 and £100,000 prizes almost double. There will also be 19 times as many £50 and £100 prizes paid out from October. The odds of each £1 Premium Bond number winning a prize will also improve from 24,500 to 1 to 24,000 to 1.
Financial Secretary to the Treasury, Andrew Griffith said: “It’s great to see NS&I providing a boost to the nation’s savers - more than doubling the prize fund rate offered on its much loved Premium Bonds over the last six months.
“I look forward to working with Ian and the rest of the NS&I team in the months ahead, ensuring the organisation continues to deliver for both savers and the taxpayer."
NS&I Chief Executive, Ian Ackerley, said: “With over 22 million holders, Premium Bonds are the nation's favourite savings product and are more popular than ever. It's great to be able to increase the prize pot and give our customers more chances each month to win tax-free prizes.
"This is the second increase to the Premium Bonds prize fund rate that we have made in less than six months. These changes have helped us ensure that Premium Bonds remain attractive, while also ensuring that we continue to balance the interests of savers, taxpayers and the broader financial services sector.”
Current and new prize fund rate and odds
Number and value of Premium Bonds prizes
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