National Savings and Investment (NS&I) has introduced that the prize fund fee for Premium Bonds will rise to 4 p.c for August’s draw.

‌The fee will improve from the present 3.60 p.c and can see savers' odds of profitable enhance to 22,000 to at least one from 24,000 to at least one.

‌As a consequence, which means every £1 Bond may have its greatest likelihood of profitable a prize in virtually 15 years.

‌According to NS&I, this improve will award an additional $30million to the prize fund in two months' time.

Due to this, an estimated 460,000 additional prizes up for many who are Premium Bonds holders.

NS&I’s chief government Dax Harkins outlined why this choice to hike the prize fund fee is sweet news for savers.

He defined: “Premium Bonds are one of the nation’s favourite savings products and I’m delighted that we’re able to improve the odds to the best they have been in almost 15 years, with more prizes, more excitement and more life changing wins for savers up and down the country.

“These changes will benefit millions of NS&I’s savers who have money in Premium Bonds, Direct Saver and Income Bonds.”

Furthermore, NS&I'll increase the rate of interest on its Investment Account from 0.60 p.c to 0.85 p.c.

On high of this, NS&I shared that the rates of interest throughout its line of variable financial savings merchandise may also be hiked.

Notably, the monetary establishment’s Direct Saver and Income Bonds’s charges will likely be raised to three.40 p.c from 2.85 p.c.

This rate of interest increase will likely be utilized to each accounts by NS&I from July 13, 2023.

Last month, two fortunate winners from Essex and South Gloucestershire took dwelling the Premium Bonds of £1million.

Both winners had £42,500 and £50,000 in Premium Bonds, respectively, earlier than lastly profitable.

Jill Waters, NS&I Retail Director, mentioned: “Happy Birthday to Premium Bonds and a massive congratulations to our two millionaires from Essex and South Gloucestershire – we hope they each enjoy the jackpot, which has come just in time to book a summer getaway to remember.

“Since ERNIE turned 65 last June, we’ve increased the prize fund rate five times giving Premium Bonds customers more chances to win each month.

“Premium Bonds remain one of the most popular ways to save, with the number of eligible Bonds increasing from over 118 billion in June 2022 to more than 121 billion in this month’s prize draw.”