NS&I urges people who have Premium Bonds to wait for free £25
National Savings and Investments is urging people who hold Premium Bonds to keep hold of their accounts - despite the chances of a win plunging. NS&I has cut rates from December, meaning the chances of winning will plummet.
However, the number of £25 prizes is actually going up, increasing from from 1,490,033 in the October draw to 1,509,458 in the December draw. Asked how the number of prizes is chosen, a representative of NS&I said: "The number of prizes at each level will vary each month dependent on the prize fund with the exception of the £1 million prizes which is always two."
The provider also said that the Premium Bonds prize structure is divided in this way: 10% - high value (Two £1million jackpots each month and prizes from £5,000 to £100,000), 10% - medium value (£500 and £1,000 prizes) and 80% - low value (£100, £50 and £25 prizes).
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How the number of prizes will change from the December prize draw, compared to October, shows £1,000,000 - 2 - remaining the same and £100,000 - 83 (down from 88) as well as £50,000 - 167 (down from 177), £25,000 - 322 (down from 353) and £10,000 - 830 (down from 883).
Other prizes for NS&I jackpots include £5,000 - 1,664 (down from 1,766), £1,000 - 17,426 (which is down from 18,452) and £500 - 52,278 (down from 55,356). The odds for the rest of the year include £100 - 2,072,099 (down from 2,212,098), £50 - 2,072,099 (down from 2,212,098) and £25 - 1,509,458 (up from 1,490,033).
It comes as Steven Kibbel, chief editorial advisor at Gold IRA Companies, warned Premium Bond savers that they "can’t count on them as a solid way to grow your savings anymore". And Money Saving Expert reckons Premium Bonds can be "beaten elsewhere" too.