With more than 22 million holders, Premium Bonds are the nation’s favourite savings product and are as popular than ever.
The chances of winning have been improved following the eighth increase to the Premium Bonds prize fund rate in less than a year.
As rates have picked up in the wider cash savings market, NS&I have had to ensure that Premium Bonds continue to remain attractive, otherwise customers may consider switching away for a guaranteed income.
Key points to understand about Premium Savings Bonds
- Chance of winning = 21,000 to 1 (per £1 bond)
- Annual prize fund rate = 4.65%
- All prizes are tax free
- Minimum Investment £25
- Maximum total holding £50,000
- You can cash in your bonds at any time and get your funds back in around 2-3 working days.
|Previous prize fund rate||Previous odds||New prize fund rate (from Sept 2023)||New odds (from Sept 2023)|
|4.00% tax-free||22,000 to 1||4.65% tax-free||21,000 to 1|
Number and value of Premium Bonds prizes
|Value of prizes in Aug 2023||Number of prizes in Aug 2023||Value of prizes in Sept 2023 (estimated)||Number of prizes in Sept 2023 (estimated)|