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NS&I raises Premium Bonds rate to beat the best easily accessible accounts with nearly twice as much £100k and £50k prizes up for grabs
- Monthly odds of £1 to go from 24,500 to 1 to 24,000 to 1
- Boost expected to add £76m to October prize fund
- Number of £100,000 prizes to 18 of 10; £50k to 35 from 20
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National Savings & Investments is increasing the number of Premium Bond prizes it pays out each month, increasing the odds of winning for its 22 million savers.
Millions of pounds more in Premium Bonds prizes will be up for grabs from next month as NS&I increases the prize pool from 1.4 percent to 2.2 percent.
This surpasses the highest easily accessible savings rate in This is Money’s independent savings tables of 2.1 percent.
Price increase: Millions of pounds more in Premium Bonds prices are up for grabs starting next month.
Starting next month, the monthly winning chances for every £1 of Premium Bonds will improve from 24,500 to one to 24,000 to one, which is expected to add £76 million to the prize fund for October.
This will increase from nearly £139 million in September to £218 million in the October draw.
The changes will almost double the prizes of £5,000, £10,000, £25,000, £50,000 and £100,000.
Notably, there will be 18 £100,000 prizes from September 10 and 35 £50,000 prizes, up from 20.
There will also be 19 times as many £50 and £100 prizes paid out from October, while there will be 1.3 million fewer £25 prizes.
NS&I previously increased the prize money on Premium Bonds from 1 percent to 1.4 percent in June. The odds at this point changed from 34,500 to 1 to 24,500 to 1.
Ian Ackerley, chief executive of NS&I said: “With more than 22 million holders, Premium Bonds are the nation’s favorite savings product and more popular than ever.
“It’s great to be able to increase the prize pool and give our customers more opportunities to win tax-free prizes every month.
“This is the second increase in the premium fund rate for bonds in less than six months.
“These changes have helped us to ensure that Premium Bonds remain attractive, while also ensuring that we continue to balance the interests of savers, taxpayers and the broader financial services industry.”
| Value of prices in September 2022 | Number of prizes in September 2022 | Value of prices in October 2022 (estimated) | Number of awards in October 2022 (estimated) |
|---|---|---|---|
| £1,000,000 | 2 | £1,000,000 | 2 |
| £100,000 | 10 | £100,000 | 18 |
| £50,000 | 20 | £50,000 | 35 |
| £25,000 | 39 | £25,000 | 72 |
| £10,000 | 98 | £10,000 | 178 |
| £5,000 | 199 | £5,000 | 357 |
| £1,000 | 2,779 | £1,000 | 4.364 |
| £500 | 8.337 | £500 | 13.092 |
| £100 | 38,137 | £100 | 728,737 |
| £50 | 38,137 | £50 | 728,737 |
| £25 | 4,774,798 | £25 | 3,484,716 |
| Total: | Total | Total | Total |
| £138,988,000 | 4.862.556 | £218,253,450 | 4.960.308 |