NS&I to cut Premium Bond prize rate to 4.15%

The odds of winning a prize will fall to 22,000 to 1 for the December draw, while NS&I is also slashing the rates on other savings products. We have all the details

Someone holding a tablet showing the NS&I Premium Bond app
NS&I is cutting the Premium Bond prize fund rate for the second time this year
(Image credit: NS&I)

National Savings & Investments (NS&I) is cutting the Premium Bond prize fund rate from 4.4% to 4.15%, in a blow to millions of savers.

The change to Premium Bonds will come into effect in the December draw. It marks the second cut by the government-backed savings giant this year. In March, the prize rate was reduced from 4.65% - its highest rate since 1999 - to 4.4%.

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Value of prizes Number and total value of prizes in October 2024 Number and total value of prizes in December 2024 (estimate)
£1,000,000 22
£100,000 88 83
£50,000 177 167
£25,000 353 332
£10,000 883 830
£5,000 1,766 1,664
£1,000 18,452 17,426
£500 55,356 52,278
£100 2,212,098 2,072,099
£50 2,212,098 2,072,099
£25 1,490,033 1,509,458
Total 5,991,306 prizes worth a total of £461,330,525 5,726,438 prizes worth a total of £435,686,300
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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.