NS&I overshoots financing target - could we see more Premium Bond rate cuts?

Are NS&I Premium Bond prize fund rate cuts on the horizon? An attractive one-year savings bond plus ever-popular Premium Bonds meant NS&I raised too much money for the government last year

Young woman at desk with laptop and phone
About 22.5 million people hold Premium Bonds - but could another cut to the prize fund rate be on the horizon?
(Image credit: Getty Images)

The government-backed savings organisation NS&I overshot its fundraising target last year, raising concerns that the Premium Bond prize fund rate could be cut again.

Premium Bonds are one of the most popular products with savers, giving them a chance to win a cash prize each month. NS&I also helps the government raise money. A prize fund rate cut could mean fewer prizes up for grabs in the future. 

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.