NS&I has issued a statement clarifying the rules for Premium Bonds, as key changes to the scheme are imminent. The chance-based savings product remains popular, with each £1 Bond entered into a monthly prize draw carrying an equal chance of winning up to £1 million. Savers can cash in Bonds at any time via phone or online account, though funds may take several days to reach their bank account.
One intriguing regulation allows savers to withdraw specific £1 Bonds. Although each Bond has identical winning odds, some customers have an emotional attachment to certain Bond numbers, such as those bought as a child or for a special occasion. A spokesperson explained: 'Some customers have an emotional connection to specific Bonds numbers... and want to keep hold of them and cash in newer Bonds.' This can be done by filling in a form to specify which Bonds to keep.
The current prize fund rate is 3.3 per cent, with odds of winning at 23,000 to one. However, from July's draw, the rate will rise to 3.8 per cent and odds will improve to 22,000 to one. This reverses recent reductions: the prize rate fell three times in 2025 and again in January 2026, while odds remained at 22,000 to one throughout 2025 before dropping to 23,000 to one in January 2026.
Many customers set up accounts to automatically reinvest prize winnings into new Bonds, which qualify for the following month's draw. In contrast, newly purchased Bonds must wait a full calendar month before entering the draw.
