Premium Bonds: More chance of winning big prizes from July
Starting next month, individuals who own Premium Bonds will have an increased likelihood of winning sizable cash prizes.
NS&I has declared that they will add £39 million to the July Premium Bond prize draw due to the growth in the fund rate, which has gone up to 3.70%, the highest rate it has been in fifteen years, compared to 3.30% in the past.
The likelihood of winning a reward on every £1 premium bond will stay the same at 24,000:1, however, individuals now have the opportunity to win prizes ranging from £50 to £100,000 more frequently every month.
Savers can enjoy a boost in the summer ☀️
The rate for the prize fund of Premium Bonds will rise to 3.70% starting from the draw in July. This increase marks the highest rate in the past decade and a half.
From today onwards, a grand total of 89,000 young savers shall derive extensive benefits from the upliftment of the Junior ISA interest rate by 3.65%.
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Win "Big Money Prizes" More Often In July's Premium Bonds Draws
In July, there will be a decrease in the predicted quantity of smaller premium bond rewards valued at £25.
Starting in July 2023, the amount of valuable prizes up for grabs in the monthly Premium Bonds contests will rise.
There will continue to be a total of two £1 million prizes available.
NS&I is a financial institution that receives support from the government. Their responsibility is to maintain a fair balance between the benefits of its savers, the taxpayers, and the entire finance industry.
According to the savings giant, the modifications made will guarantee that the products offered by NS&I are priced correctly when compared with other savings options available in the market.
Starting on July 2023, there will be larger cash prizes up for grabs in Premium Bond lotteries. (Picture: PA)
The CEO of NS&I, Dax Harkins, stated that Premium Bonds have experienced their sixth rate increase in a little over a year. As a result, the prize fund has reached its peak after 15 years.
We anticipate spending over £374 million to award winners in July. These changes will allow us to give away more significant rewards, resulting in more individuals' lives being transformed by Premium Bonds every month.
Laura Suter, who oversees personal finance at AJ Bell, stated that only twelve months ago, the effective rate of the Premium Bond prize fund was 1%. It is the sixth time that NS&I has raised the prize fund over the past twelve months.
Once more, the likelihood of winning a reward has not altered, and stays at 24,000 to one. However, if you do succeed, your odds of obtaining a larger prize have increased.
