Premium Bonds provider NS&I has said that they will improve to there best level to date from August which will provide “more prizes, more excitement and more life changing wins.”
The odds will change to 2,0000 to one from 24,000 to one which means that each £1 bond will now have a better chance of winning.
NS&I estimate that the changes will see an extra £30 million put in to the prize fund from August and the prize fund rate will increase to 4.00% from 3.70%.
NS&I chief executive Dax Harkins said, “Premium Bonds are one of the nation’s favourite savings products and I’m delighted that we’re able to improve the odds to the best they have been in almost 15 years, with more prizes, more excitement and more life-changing wins for savers up and down the country.
“These changes will benefit millions of NS&I’s savers who have money in Premium Bonds, direct saver and income bonds.”
On Thursday NS&I said, “At the very end of the financial year, following uncertainty in the US banking sector, NS&I unexpectedly received a number of high-value deposits which took it over the upper end of the target range.
“In the opening months of 2023/24, NS&I saw deposits return to more normal levels.”