If you have money saved with Premium Bonds, the draws from 2023 could bring you more money due to changes being brought in 💰 There will be an extra £80 million in prizes up for grabs from the January prize draw, and for each draw after that.
But the number of the top prize of £1,000,000 will remain the same, at two.More than 570,000 customers holding Direct Saver and Income Bonds will also benefit from Tuesday, as the interest rate on both products increases from 1.80% to 2.30%.
NS&I, which is backed by the Treasury, said the changes will mean its products are priced appropriately when compared with the rest of the savings market and ensure that NS&I continues to balance the interests of savers, taxpayers and the broader financial services sector.NS&I chief executive Ian Ackerley said: ‘The new year increase to the Premium Bonds prize fund rate will mean that customers will have seen the prize fund rate triple in less than a year.
Sarah Coles, senior personal finance analyst, Hargreaves Lansdown, said NS&I has ‘gone to town with more life-changing sums’. ‘We know prize draws become far more tempting at times like this, so Premium Bonds are positioning themselves as the ultimate game of chance – with your money back if you lose.
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