Premium Bonds prize fund rate increases to 15-year high | Personal Finance | Finance

NS&I has announced the Premium Bonds prize fund rate will rise from 3.3 percent to 3.7 percent from the upcoming July 2023 prize draw.

The rate boost will see an additional £39million in prizes become available for Bond holders and with the odds of each £1 Premium Bond winning a prize remaining at 24,000 to one, there are more chances each month for customers to win prizes worth between £50 and £100,000.

Alongside this, effective from today, NS&I has also increased the interest rate for young savers holding its Junior ISA, with the rate increasing to 3.65 percent up from 3.4 percent.

According to NS&I, the change will see more than 89,000 savers aged under 18 benefit.

NS&I chief executive, Dax Harkins, said: “This is now the sixth prize fund rate increase for Premium Bonds in just over a year, making it the highest it’s been in over 15 years.

READ MORE: Premium Bonds prizes and inheritance tax – are they liable for the tax?

Check Also

Top UK cities where debts have shot up over past year as average increases by 19% | Personal Finance | Finance

Debt levels have vastly increased over the past year as hard-up families struggle to cover …