Premium Bonds prize money to increase by 1.5%

Fri, Oct 9, 2009

Premium Bonds

National Savings & Investments has increased its Premium Bond prize fund rate to 1.5%.

National Savings & Investments (NS&I) are to increase prize money on offer to Premium Bond holders next month by 50%.

The prize fund payout rate will increase from 1% to 1.5% in October, taking the total payout for the Premium Bond draw from £33.8 million to £52.5m.

Odds of winning will increase from 36,000 to one to 24,000 to one, meaning an extra 500,000 prizes will be distributed.

The news comes after a flood of holders withdrew their investments after March this year when the prize rate was cut from 1.8% to 1%, in accordance with the Bank of England’s interest rate.

Source: news.icm.ac.uk

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