- NS&I has announced improved odds for winning Premium Bonds prizes, shortening to 22,000 to one from 23,000 to one for each £1 bond, effective from the July draw.
- This change is expected to result in 322,000 additional prizes in July, increasing the prize pot by over £60 million, including more £100,000, £50,000 and £25,000 prizes.
- Alongside the Premium Bonds update, NS&I has also increased variable interest rates across several savings products, including Direct Saver, Income Bonds, Direct Isas, and Junior Isas.
- Finance experts note that while NS&I's rate increases are welcome, their savings rates remain below the market's top offerings, with some easy access accounts exceeding 4% and fixed accounts over 4.50%.
- Experts advise savers to review their options, as the broader economic climate suggests interest rates may remain higher for longer, potentially leading to further rate adjustments in the savings market.
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