National Savings and Investments (NS&I) has announced an additional £63 million for the September Premium Bond draws, with the prize rate rising from 3.8% to 4.35%. This increase means more than 308,000 extra prizes will be awarded compared to August, and the total prize fund will exceed £497 million.
More winners and higher prizes
The September draw will include 12 additional £100,000 prizes, 27 more £50,000 prizes, and an extra 51 £25,000 prizes. Over 2.3 million people are expected to win £100, up from 1,931,214 in August. The number of £1,000 prizes will also rise from 17,347 to 19,892.
Prize tiers range from the £1 million jackpot down to £25, with each £1 invested in Premium Bonds representing one bond eligible for the monthly draw. The total number of prizes in September is estimated at 6,533,031, compared to 6,224,837 in August.
NS&I's statement on the boost
Andrew Westhead, NS&I retail director, said: "Not only is NS&I boosting Premium Bonds from September, but from today we are also increasing interest rates for our British Savings Bonds, plus our Direct Saver and Income Bonds. This is to ensure we reflect current market conditions and help to meet our Net Financing target."
He added: "This is the second time this year we have been able to increase Premium Bonds prize fund rate and shorten the odds. The September Premium Bonds draw is now expected to have more than 6.5 million tax-free prizes worth over £497 million."
Prize breakdown for September
- £1,000,000: 2 (same as August)
- £100,000: 95 (up from 83)
- £50,000: 192 (up from 165)
- £25,000: 382 (up from 331)
- £10,000: 954 (up from 827)
- £5,000: 1,909 (up from 1,654)
- £1,000: 19,892 (up from 17,347)
- £500: 59,676 (up from 52,041)
- £100: 2,366,135 (up from 1,931,214)
- £50: 2,366,135 (up from 1,931,214)
- £25: 1,717,659 (down from 2,289,959)
The total value of prizes in September is £497,326,725, compared to £433,663,575 in August. Premium Bonds remain backed by HM Treasury, with over 22 million savers eligible for tax-free prizes and the flexibility to withdraw funds at any time.
