National Savings & Investments (NS&I) has increased the number of prizes and the odds of winning prizes for its monthly Premium Bond prize draw, following the Bank of England’s interest rate rise.
Under the updated Premium Bond giveaway structure, bond holder’s chances of winning one of the monthly prizes will increase from 30,000 to one, to 24,500 to one. The interest rate on the prize funds is also set to increase by 0.25% to 1.4%, which will see the value of prizes increase from £68 million to about £83 million.
"NS&I will be giving out the largest number of Premium Bond prizes every month, an estimated 2.9 million, and all money invested is 100% secure.
Ian Ackerley, Chief Executive of NS&I"
About the changes, Ian Ackerley, Chief Executive of NS&I, said: “For our 25 million customers, including around 21 million Premium Bonds customers, these changes will present a welcome boost. NS&I will be giving out the largest number of Premium Bond prizes every month, an estimated 2.9 million, and all money invested in 100% secure, as NS&I is backed by HM Treasury.”