The prize fund rate for Premium Bonds will be cut from 4.15% to 4.00% for the January 2025 draw, along with odds of winning remaining at 22,000 to 1, NS&I has announced this week.
This will be disappointing news for the 24 million plus Premium Bond holders but the move isn’t surprising as it’s in line with the general downwards movement of interest rates in the UK savings market.
The January 2025 Premium Bonds draw is expected to have over £431 million in the prize fund with over 5.8 million prizes, ranging from two £1 million prizes to over 1.8 million £25 prizes.
| Current prize fund rate (from December 2024) | Current odds (from December 2024) | New prize fund rate (from January 2025) | Odds (no change) |
| 4.15% tax-free | 22,000 to 1 | 4.00% tax-free | 22,000 to 1 |
Value of Premium Bonds prizes
| Value of prizes | Number and total value of prizes in November 2024 | Number and total value of prizes in December 2024 (estimate) | Number and total value of prizes in January 2025 (estimate) |
| £1,000,000 | 2 | 2 | 2 |
| £100,000 | 89 | 83 | 82 |
| £50,000 | 177 | 167 | 166 |
| £25,000 | 356 | 332 | 329 |
| £10,000 | 887 | 830 | 823 |
| £5,000 | 1,766 | 1,664 | 1,648 |
| £1,000 | 18,558 | 17,426 | 17,277 |
| £500 | 55,674 | 52,278 | 51,831 |
| £100 | 2,224,815 | 2,072,099 | 2,001,028 |
| £50 | 2,224,815 | 2,072,099 | 2,001,028 |
| £25 | 1,498,592 | 1,509,458 | 1,815,854 |
| Total: | Total6,025,741 prizes£463,982,050 | Total5,726,438 prizes£435,686,300 | Total5,890,068 prizes£431,938,050 |
