NS&I is reducing the prize fund rate for Premium Bonds from 4.65% to 4.40% from the March 2024 draw. The odds of any £1 Bond number winning a prize will remain the same at 21,000 to 1.
Andrew Westhead, NS&I Retail Director, said: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector. In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.
“After these changes, the Premium Bonds draw in March is expected to pay out over 5.7 million tax-free prizes totalling more than £444 million to savers across the UK.”
From the March 2024 prize draw the Premium Bonds prize fund rate will be reducing by 25 basis points to 4.40%, with the odds remaining the same at 21,000 to 1. This compares to the March 2023 draw when the prize fund rate was 3.30% and the odds were 24,000 to 1.
| Current prize fund rate (from September 2023) | Current odds (from September 2023) | New prize fund rate (from March 2024) | Odds (from March 2024) |
| 4.65% tax-free | 21,000 to 1 | 4.40% tax-free | 21,000 to 1 |
Value of Premium Bonds prizes
| Value of prizes | Number and total value of prizes in January 2024 | Number and total value of prizes in March 2024 (estimate) |
| £1,000,000 | 2 | 2 |
| £100,000 | 91 | 85 |
| £50,000 | 182 | 170 |
| £25,000 | 365 | 339 |
| £10,000 | 912 | 848 |
| £5,000 | 1,821 | 1,697 |
| £1,000 | 19,020 | 17,775 |
| £500 | 57,060 | 53,325 |
| £100 | 2,363,105 | 2,130,923 |
| £50 | 2,363,105 | 2,130,923 |
| £25 | 1,037,784 | 1,425,338 |
| Total: | Total5,843,447 prizes£475,510,350 | Total5,771,425 prizes£444,399,400 |
Premium Bonds offer a minimum investment starting at just £25. Premium Bonds customers can add to their Premium Bonds holding quickly and securely, both for themselves or a child, via Pay by bank account or bank transfer, and more savings means more chances to win in the monthly prize draws.
