NS&I has announced improved Premium Bonds odds starting from the July draw, increasing the number of prizes by more than 322,000 and boosting the monthly prize pot by over £60 million. The change has been hailed as welcome news by personal finance experts.
What the Changes Mean for Savers
NS&I, backed by the Treasury and the Labour Party government, will offer better odds for bondholders. Nicola Morgan, consumer finance expert at Confused.com, commented: “Changes to Premium Bond odds will be welcome news for millions of savers, especially at a time when many households are looking for safer ways to grow their money while still keeping access to their savings.”
Increased Chances of Winning
An increase of 322,000 extra prizes in July means bondholders have a slightly better chance of winning. For some, the excitement of potentially landing a large tax-free prize remains a big draw. However, Morgan advises not to rely solely on Premium Bonds for extra cash.
Tips to Make Your Savings Work Harder
Alongside checking your Bonds regularly, consider other ways to make your savings work harder:
- Loyalty points: Many of us have unused rewards in supermarket, bank, or travel apps. These can often be exchanged for gift cards, discounts, or cash.
- Cut unused subscriptions: Check your direct debits and app store payments. Cancelling services you no longer use could instantly free up extra cash each month.
- Maximise your Cash ISA: Savings in a Cash ISA are tax-free, and with some accounts now offering competitive interest rates, it is one of the simplest ways to grow your money.
Morgan added: “Even small financial check-ins like these can make a real difference over time and help ensure your money is working as effectively as possible.”
