ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Advertisement

Image of Ella Mower

Ella Mower

Senior Content Writer
Published: 20/06/2023
Woman holding a piggybank and laughing

News contents

The increase will see the prize fund rate at the highest it’s been in 15 years.

Premium Bondholders will have more chances to win prizes worth £50 to £100,000 after NS&I announced today it would be increasing its Premium Bond prize fund rate to 3.70%. According to NS&I, this is the highest the prize fund rate has been in 15 years and will mark the sixth time the rate has been increased in just over a year.

“With the changes, we’re expecting to pay out more than £374 million to winners in July with more higher value prizes, meaning that, each month, more lives will be changed by Premium Bonds,” said Dax Harkins, NS&I Chief Executive.

The increase comes into effect from the July prize draw and will see an additional £39 million in prizes available to be won.

How does this affect your odds of winning?

Although the prize fund rate is rising from 3.30% to 3.70%, this won’t increase your odds of winning. Instead, these odds will remain at 24,000 to one for every £1 of Premium Bonds purchased.

The increase means that for every £100 of Premium Bonds bought, NS&I will pay out £3.70 in prizes as of July. Currently, it pays out £3.30 for every £100 of Premium Bonds.

Should I choose a premium bond or easy access account?

This depends on your appetite for risk. So if you want to find out more, read our guide on Premium Bonds. 

NS&I’s Junior ISA

NS&I also announced it will be increasing the rate paid by its Junior ISA to 3.65% AER with immediate effect. While this falls short of the market-leading rate of 4.30% AER, it’s one of only two Junior ISAs on our charts that can be both opened and managed online.

Last updated: 09/02/2024

  • National Savings and Investments

    Account: Junior ISA

    Notice/Term: Age 18

    Rate: 3.65% AER

    Transfers In: Cash JISA, Stocks and Shares JISA, Child Trust Fund

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.