NS&I Premium Bonds offer a range of savings and investments to 25 million customers, giving them the chance to win extra cash, tax-free, through randomly generated prize draws every month.
The prize fund rate has recently increased from three percent to 3.15 percent, the fourth upwards change that NS&I has made in the last year. This brings the prize fund rate to its highest level in over 14 years.
The odds of each £1 Bond winning a prize remain fixed at 24,000 to one, with the changes meaning that more prizes worth £50 to £100,000 are on offer. With so much cash up for grabs, it’s important to check that winnings are being claimed when announced.
Each bond has an equal chance of winning. However, the more bonds people have, the higher their chances are of securing the jackpot.
Only two savers have the opportunity to bag the £1million jackpot every month, but a total of 4,983,12 more prizes can be won, which are split into three value bands.
Prizes in the higher band range from the £1million jackpot through to a more modest £5,000. The medium band offer people the chance to win between £1,000 and £500, while the lower band, which is allocated 90 percent of the prize fund, ranges from winnings between £100 to £25.
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