NS&I has increased the interest rate on its premium bond prize fund from 3.3% to 3.7%. This is his sixth rise in just over a year here and the highest rate in over 15 years.
This change will add £39m to the July prize fund, but each £1 premium bond will still have a 24,000-to-1 odds of winning.
Meanwhile, the Junior ISA interest rate will be raised from 3.4% to 3.65%, benefiting 89,000 young savers.
Dax Harkins, CEO of NS&I, said: “This is the sixth increase in premium bond prize fund interest rates in just over a year and is the highest in 15 years. More will be paid to the winner.”
Sarah Coles, head of personal finance at Hargreaves Lansdowne, said: With the rest of the market ahead, they’ve been on the fence since February, but the rally has put them back in winning form.
“The big change this month is that the number of £50 and £100 prizes has exceeded the number of £25 prizes. We recognize that the pound isn’t what it used to be, so we’re focusing on prizes that are a little more expensive.
“The prize money has reached £100,000, with a further 80 £10,000 prizes and 160 £5,000 prizes. We guarantee it will continue to be an exciting day.”
Current and New Premium Bond Prize Fund Interest Rates and Odds
Current Prize Fund Rates
|
current odds
|
New prize fund rate (from July 2023)
|
Odds from July 2023 (unchanged)
|
3.30% tax free
|
24,000 to 1
|
3.70% tax free
|
24,000 to 1
|
Number and value of premium bond prizes
Prize values for June 2023
|
Number of prizes in June 2023
|
Prize amount for July 2023 (estimate)
|
Number of prizes in July 2023 (expected)
|
million pounds
|
2
|
million pounds
|
2
|
£100,000
|
63
|
£100,000
|
71
|
£50,000
|
125
|
£50,000
|
141
|
£25,000
|
252
|
£25,000
|
284
|
£10,000
|
627
|
£10,000
|
707
|
5,000 pounds
|
1,257
|
5,000 pounds
|
1,417
|
1,000 pounds
|
13,361
|
1,000 pounds
|
14,960
|
£500
|
40,083
|
£500
|
44,880
|
100 pounds
|
1,421,012
|
100 pounds
|
1,744,226
|
£50
|
1,421,012
|
£50
|
1,744,226
|
£25
|
2,163,534
|
£25
|
1,503,501
|
total
£334,047,650
|
total
5,061,328
|
total
£374,026,425
|
total
5,054,415
|
Floating-rate savings products
product
|
previous interest rate
|
Interest rate from today (June 20, 2023)
|
Junior ISA
|
3.40% Gross/AER
|
3.65% TOTAL/AER
|