Premium Bonds Prize Fund to be Cut
£1.2m will be removed from the prize fund because of higher costs
22nd May 2006
National Savings and Investments (NS&I) have announced that the monthly premium bonds prize fund will be cut by approximately £1.2m from June, to offset rising costs in running the scheme.
While there will still be 1.27 million prizes each month, their combined value will fall from around £76.6m in May to £75.4m in June. This will feed through into a new average rate of return of 2.95% compared to today's 3%.
The odds of winning a prize will remain the same at 24,000 to one, and someone holding the maximum of £30,000 in bonds can expect to win an average of 15 prizes a year.
Read More: National Savings and Ivestments
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