Bad news if you have invested in Premium Bonds: NS&I has reduced its prize rate to 3.6% – the third cut this year.
This is the return you should get with ‘average luck’, although many bondholders see returns below this level. Despite this cut, NS&I will still award two £1 million jackpots each month but
has reduced other large cash prizes. However the odds of winning a prize remain the same at 22,000 to 1.
If you hold Premium Bonds it’s worth checking whether you’re already a winner, as NS&I now has a staggering £105 million in unclaimed prizes. To check, log onto the NS&I website with your bondholder’s number. Given many of these prizes have been unclaimed for years it’s worth talking to older relatives who may also hold these popular investments, to make sure they’re not missing out.