Premium Bonds to see major change as NS&I confirms increase of prizes

National Savings & Investments (NS&I) have confirmed changes to increase the prize fund rates for Premium Bonds.

The change will see rates rise from 3% to 3.15%, from February 2023, meaning higher-value prizes can be won.

The new increase marks the second rate rise for NS&I savers after earlier this year saw it rise from 2.1% to 3% during the January draw.

The recent changes and increases will mean that the Premium Bonds prize fund rate will be at its highest level in over 14 years.

Although there is an increase in funding, there is no change in the chance of winning the bonds.

This is because each £1 bond winning prize will remain fixed at 24,000 to one.

However, it does mean that the number of prizes given out that are worth £50 to £100,000 will increase from next month's draw to around 120,000.

Meanwhile, the number of the biggest prizes from between £500 and £100,000 will rise but not the same amount as the small awards.

Plus, the jackpot prize of £1 million will still only be awarded to two bond winners a month.

How to see if you've won on Premium Bonds

Prize draws are conducted every month and see prizes given away from £1,000 to £1,000,000.

To find out if you have ever won a Premium Bonds prize, you will need to dig out your holder's information and head over to the prize checker.

You will need your holder’s number which you can find on your bond record, or in the app.

You can also use your NS&I number which you should be able to find on any communication about your bonds.

You can check your account via the NS&I website.

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