The odds of winning Premium Bonds will worsen from the December draw
NS&I has issued a major update for anyone with Premium Bonds as the likelihood of winning is set to diminish from December.
For savers looking at NS&I's other offerings, the picture is somewhat similar. Interest rates on Direct Saver and Income Bonds are set to decline for the first time since November 2020. Andrew Westhead, NS&I retail director, explained: "As the savings market continues to change, we need to lower the rates on some of our products to help us meet our net financing target, while also ensuring we continue to balance the interests of our savers, taxpayers and the broader financial services sector."
Sarah Coles, head of personal finance at Hargreaves Lansdown, commented: "The Premium Bond prize rate has finally been hit with the business end of the savings rate scythe, as NS&I has followed the rest of the easy access savings market by cutting the chances of a win. "Of course, the prize rate doesn’t reflect what you’ll make in these bonds, and because of the lumpy way that prizes are awarded, the average person with £1,000 in bonds will still win nothing in the average month.
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