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Technical paper Premium bond return increases Synopsis: The rate of underlying ‘interest’ on the premium bond prize fund is rising to 1.35% when the number of £1m monthly prizes increases to two. Date posted: 4.8.14 It was previously announced that two £1m monthly prizes are being introduced on 1 August. NS&I have now revealed an increase in the rate, effective from 1 August from 1.30% to 1.35%, increasing the total monthly prize fund by about £3.5m on the July figure to £55.517m. The rise has allowed NS&I to increase the number of prizes at all levels. The chance of an individual bond winning any prize in one month remains the same at 26,000 to 1. The static odds are a result of the amount of prizeeligible bonds having increased by over £1.3bn following the rise in the investment limit from £30,000 to £40,000. Comment Premium Bonds now look marginally more attractive and have pulled further ahead of the taxable 1.26% (AER) on offer from NS&I's income bonds.
