NS&I said it carefully reviews rates in response to changes in the broader market.
The prize fund rate for Premium Bonds will become less generous from the January 2025 draw, NS&I has announced.The prize fund rate for Premium Bonds is already due to be cut to 4.15% in December, down from 4.4%, according to an earlier announcement.The changes include an estimated 82 prizes of £100,000 in January, down from 83 in December.The estimated number of £1 million prizes will remain the same, at two.
NS&I, which is backed by the Treasury, has a duty to balance the needs of savers, taxpayers and the wider financial market. The Bank of England base rate has been cut twice this year.Andrew Westhead, NS&I retail director, said: “We carefully review our savings rates in response to changes in the broader market.
“Premium Bonds remain a popular choice for millions of savers, backed by the 100% Government guarantee, with the January 2025 draw set to deliver over 5.8 million tax-free prizes worth more than £431 million.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
F1 2025 driver line-up: Who is already confirmed for the 2025 grid?Keep up to date with every F1 2025 driver announcement in a very busy silly season.
Read more »
Birmingham: Next phase of Metro expansion on horizonConstruction of the second phase could begin in January 2025, councillors have been told.
Read more »
Leeds United seal fresh terms for Luca Thomas in loan with promotion chasersLuca Thomas has extended his loan spell with York City from Leeds United until January 2025
Read more »
Martin Lewis says 'most' Premium Bonds savers could do betterThe prize fund rate for Premium Bonds is soon to fall
Read more »
November Premium Bond winners announced with £1m prizesNS&I has announced the lucky winners in this month's Premium Bonds prize draw
Read more »
DP World Tour: 2025 global schedule revealed with returning events, new venues and record prize fundThe DP World Tour has announced multiple returning tournaments, new venues and a record overall prize fund as part of a bumper international schedule for 2025.
Read more »