NS&I has announced the Premium Bonds prize fund rate will be cut within months.
The prize fund rate will be reduced from 4.65 per cent to 4.40 per cent from the March 2024 prize draw.
The odds of winning will remain the same at 21,000 to one, but the number of prizes available will reduce.
Andrew Westhead, NS&I Retail Director, said: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector.
Andrew Westhead is the NS&I Retail Director
NS&I
“In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.
“After these changes, the Premium Bonds draw in March is expected to pay out over 5.7 million tax-free prizes totalling more than £444 million to savers across the UK.”
In March last year, the prize fund rate was 3.30 per cent and the odds were 24,000 to one.
There were 5,843,447 prizes won in January 2024, worth 475,510,350.
After the prize fund rate cut, NS&I estimates there will be 5,771,425 prizes worth £444,399,400 in the March 2024 draw.
This includes an estimated 85 prizes worth £100,000, versus the 91 £100,000 payouts this month.
More to follow…
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