NS&I gives Valentine’s Day boost to Premium Bonds savers

NS&I has announced today that its Premium Bonds prize fund rate increases to 3.30% from March 2023 draw in the fifth prize fund rate increase for Premium Bonds in the last year. The interest rate for Direct Saver and Income Bonds has also increased to 2.85% with immediate effect

The Premium Bonds prize fund rate is increasing to 3.30%, up from 3.15%, effective from next month’s draw, meaning around £15 million more in prizes up for grabs. And in a further Valentine’s Day boost for people’s savings pots, Direct Saver and Income Bonds customers will also see their interest rates increase to 2.85%, up from 2.60%, from today.

The change to the Premium Bonds prize fund rate is the fifth increase that NS&I has made in the last year. The odds of each £1 Bond winning a prize will remain at 24,000 to 1, with the changes meaning that the number of prizes worth £50 to £100,000 will increase from the March draw.

These changes will ensure that NS&I’s savings products are balanced when compared to the broader savings market. The changes also ensure that NS&I continues to balance the interests of savers, taxpayers and the broader financial services sector.

NS&I Chief Executive, Ian Ackerley, said: “Premium Bonds are one of the nation’s most loved ways to save, giving people the monthly anticipation of a potential win while knowing their money is 100% safe. We’re also giving a Valentine’s Day boost to our Direct Saver and Income Bonds customers who will see their interest rates rise from today.

“We are committed to ensuring our products remain attractive and our customers can continue to save with confidence. Today’s changes mean that we continue to balance the interests of savers, taxpayers and the broader financial services sector.”

Current and new Premium Bonds prize fund rate and odds