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NS&I is offering increased rates of interest across savings products – list of changes | Personal Finance | Finance

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NS&I’ll increase the prize fund rate from 2.2 percent to a few percent, marking the third change this yr. In May 2022, the speed was only one percent.

Consequently, an additional £80million in prize money can be up for grabs for Premium Bonds savers this coming January.

The percentages will stay fixed at 24,000 to 1, but customers could have more opportunities every month to win high-value prizes. There’ll now be greater than 3 times as many prizes price £100,000, £50,000, £25,000, £10,000 and £5,000 available.

The percentages of winning money from Premium will stay fixed at 24,000 to 1 but NS&I’s decision will end in customers having a greater likelihood every month to win high value prizes.

Two Britons will still have the possibility to win the £1 million jackpots at the start of every month.

READ MORE: The common pension pot is £37,600 – how rather more is required for a snug retirement?

Ian Ackerley, NS&I chief executive, said the Latest 12 months increase means the prize fund rate could have tripled in lower than a yr.

He added: “The change to the Premium Bond prize fund rate will mean our products are priced appropriately when put next to the remainder of the savings market.”

On top of this, NS&I also announced a wave of rate of interest rises across its big selection of savings products.

Around 570,000 customers holding Income Bonds and Direct Saver products will see their rates of interest increase from 1.8 percent to 2.3 percent, levels last seen in 2009 and 2010.

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“It could find yourself being the Christmas present to finish all Christmas presents. Nevertheless, if you happen to’re drawn by the lustre of the brand new prizes, you have to be clear concerning the price you’re paying.

“Premium bonds are the jewel within the crown of NS&I, they usually’ll shine even brighter from January.

“The prize rate has been upped to a few percent, but as a substitute of adding more lower level prizes, NS&I has gone to town with more life-changing sums.

“The variety of £100,000 prizes will rise from 18 to 56, the variety of £50,000 prizes from 36 to 112, the variety of £25,000 prizes from 71 to 223, the variety of £10,000 prizes from 178 to 559, and the variety of £5,000 prizes from 359 to 1,118.”

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