NS&I hikes Premium Bond prize fund rate to 24-year high

The Premium Bond prize fund rate will go up again next month, hitting its highest level since 1999. NS&I is also raising the interest rate on a range of savings products. We explain what the changes mean for you.

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(Image credit: Getty Images)

National Savings & Investments has hiked the prize fund rate on Premium Bonds again, as well as increasing the interest rate on five of its savings accounts.

The prize fund rate will rise from 4% to 4.65% in the September draw, reaching its highest level in 24 years. The government-backed savings organisation will add £66 million to the Premium Bond prize pot.

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Value of prizes in August 2023Number of prizes in August 2023Value of prizes in September 2023 (estimated)Number of prizes in September 2023 (estimated)
£1,000,0002£1,000,0002
£100,00077£100,00090
£50,000154£50,000181
£25,000307£25,000360
£10,000769£10,000902
£5,0001,538£5,0001,803
£1,00016,182£1,00018,832
£50048,546£50056,496
£1001,874,218£1002,339,817
£501,874,218£502,339,817
£251,700,728£251,027,604
Total£404,560,900Total5,516,739Total£470,827,650Total5,785,904
Swipe to scroll horizontally
Prize draw Premium Bond prize fund rate Increase from previous monthOdds per £1 Bond unit
Sep 20234.65%0.65%21,000 to 1
Aug 20234.00%0.30%22,000 to 1
Jul 20233.70%0.40%24,000 to 1
Mar 20233.30%0.15%24,000 to 1
Feb 20233.15%0.15%24,000 to 1
Jan 20233.00%0.80%24,000 to 1
Oct 20222.20%0.80%24,000 to 1
Jun 20221.40%0.40%24,500 to 1
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.