Premium Bonds prize fund rate increases to 4.65% from September draw – highest level since March 1999, adding £66 million to the prize fund
Premium Bonds odds to improve to 21,000 to 1 from 22,000 to 1 – their best level since the April 2008 prize draw
Interest rates for Income Bonds, Direct Saver, Direct ISA, Junior ISA and Investment Account to be increased from 18 August
Wait, the odds are improving yet BBC saying there will be quite a lot fewer small prizes which make up the biggest part of the prize fund.
While there will be more big money prizes on offer, the estimated number of £25 prizes will go down from 1.7 million in August to 1.03 million in September.
Do the big prizes skew the odds somehow?
Edit: never mind, big increases to £50 and £100 prize pools
I was interested to note that one of the £Million winners for August won on only their third draw!! Grrr…
I win the odd £25 and £100 quite regularly, but I’ve blobbed the last two months, despite the pot increasing.
The pot increasing, and me not winning anything was the last straw for me. I’m off to Tandem at 5%, though the temptation is still there in case I were to win big.
But then again, in the last year I had <1% return
I’m on 4.75% over the past 12 months. Better than the fixed rate bond and ISA that I took out at the beginning of the year.
Oooh, this makes things rather interesting, particularly for higher rate tax payers. A good place for an emergency fund once again?
- New 4.40% prize fund rate for Premium Bonds from March 2024 draw
- Odds remain the same at 21,000 to 1 for each £1 Bond
- NS&I required to strike a balance between the interests of savers, taxpayers and the broader financial services sector
NS&I is reducing the prize fund rate for Premium Bonds from 4.65% to 4.40% from the March 2024 draw. The odds of any £1 Bond number winning a prize will remain the same at 21,000 to 1.
Took most of my money out a year ago. Keeping only a nominal amount for that lottery feel.