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 It is now over 6 months old so the content may be out of date.

Image of Mike Brown

Michael Brown

Acting Editor
Published: 29/12/2022
Stack of coins

The Government-backed institution will add £80 million to the prize pot – but odds of winning a prize remain unchanged.

From the start of 2023, the National Savings and Investments (NS&I) will add £80 million to its Premium Bond prize pot. It means while its prize fund rate will increase from 2.20% to 3.00%, your odds of winning will remain unchanged.

These odds currently stand at 24,000 to one, with the Government-backed institution increasing the value of many of its existing prizes to amounts between £5,000 and £100,000.

“This means a bigger prize pot and more higher value prizes for our customers – a great way to start 2023,” said outgoing Chief Executive at NS&I, Ian Ackerley.

Currently for every £1 you invest in a Premium Bond you could win between £25 and £1 million. There are only two £1 million prizes on offer, with there being over 2 million £25 prizes to be won from New Years.

The odds of winning a £25 prize have now been reduced, with the chances of winning £5,000, £10,000, £50,000, and £100,000 set to increase.

Are Premium Bonds worth investing?

The answer ultimately comes down to your appetite for risk. This, among other factors you need to consider, is explained in more detail in our guide on Premium Bonds.

How do premium bonds compare?

While the NS&I’s advertised rate of 3.00% beats the best easy access rate on the market, there is always the risk that you’ll earn nothing from this investment.

Consider this example. The top easy access rate on the market is offered by Zopa at 2.86%. According to our calculator, which you can use below, if you were to deposit £1,000 into this account and the rate remained unchanged for one year you would earn £28.60 in interest.

You will have certainty that interest will be paid on the account but the rate itself could vary over the course of the year. For a guaranteed return, a one-year fixed rate bond could be the answer.  

By contrast, if you were to deposit £1,000 into Premium Bonds over one year, and if the current odds remained unchanged, statistically the most likely outcome is that you’ll earn nothing.

The more premium bonds you hold, up to the maximum investment of £50,000, the greater your chances of winning a prize. So, for those who have used up their personal savings allowance (PSA) the tax-free status of any prizes may be an attraction.

Otherwise, if you’re relying on interest to help combat the heightened cost of living then your money may be better invested elsewhere.

Lump Sum Savings Calculator

Press for help tip
Press for help tip
Press for help tip
Your Result

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. 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. will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be ScamSmart. will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be ScamSmart.