The chance of winning a Premium Bond prize has risen in recent months – but there may be even better to come.
And it might feel extra celebratory as we hit a huge milestone for Premium Bonds.
They first went on sale 70 years ago this week and the prize fund – the percentage of the money held in them that is dished out every month – could well go up as National Savings & Investments (NS&I) struggles to attract enough money from savers.
Some 22million of us hold £138billion in the bonds. Every month brings the chance of a life-changing, tax-free win, you don’t lose your stake and all your money is guaranteed by the Government.
But last week NS&I revealed it has pulled in £4billion from savers in the first six months of its financial year.
It is aiming for a total of £15billion in the year to the end of March (with £4billion leeway each side) from Premium Bonds and its other savings accounts.
So it has raised rates in a bid to attract savers in a very competitive market.
The Premium Bond prize fund could soon go up as National Savings & Investments struggles to attract enough money from savers
The Premium Bond prize fund has risen from 3.3 per cent in April to its current 4.35 per cent announced in August with better odds on winning, too – down from 23,000 to one to 21,000 to one.
Savers put in an extra £594 million in September to take part in Monday’s draw, up from £356 million extra in August and a turnaround from a few months earlier when funds dried up and savers took out £29 million to find a better home for their money.
There is one new development that may work in NS&I’s favour though.
Last week in his Budget, Chancellor John Healey announced that the amount of tax payable on savings interest will rise from April next year.
That will make the tax-free nature of Premium Bond prizes even more alluring – especially to higher-rate and additional rate taxpayers.
Premium Bonds Winners
| Prize | Area | Value of bond |
| £1,000,000 | Outer London | £5,000 |
| £1,000,000 | Shropshire | £48,990 |
| £100,000 | London | £10,000 |
| £100,000 | Edinburgh | £20,000 |
| £100,000 | Devon | £50,000 |
| £100,000 | Surrey | £20,000 |
| £100,000 | Cheshire West And Chester | £5,000 |
| £100,000 | Wiltshire | £5,000 |
More November 2026 winners
Get ready to check your rates
Tomorrow the Bank of England will announce its decision over whether it is raising the base rate.
It is widely expected to put it up from its current 3.75 per cent, where it has been frozen since last December, to 4 per cent.
The move will be a bid to quash the rise in the cost of living. If it does raise the rate, banks and building societies will look to improve what they offer on variable-rate accounts.
I urge you to keep an eye on your provider and check you’re still getting a good deal.