NS & I update from Cut to Premium Bond

For bondholders, you may have noticed that the rate fell from 4% to 3.8% against the April draw. The change was originally announced earlier this year.

This came after the premium bond rate fell from 4.15% to 4% in January 2025.

However, NS & I previously stated that the odds of victory remain the same from 22,000 to 1.

What is a premium bond?

The change meant, for example, that the estimated £100,000 prize count has decreased from 82 in February to an estimated 78 this month.

The £50,000 prize money fell from 164 in February to an estimated 157 in April, but the £25,000 prize money fell from around 328 to 313 during the same period.

Meanwhile, the £10,000 prize money fell from 820 in February to an estimated 781 draw this month.

However, the good news was that he likely would win a £25 prize in April, which could increase from 1,807,915 in February to an estimated 2,170,903.

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Additionally, the £1 million prize count for the grab remains the same for the two.

Why did NS & I lower April's premium bond rate?

In a statement released by The Mirror, NS&I explained why the Premium Bond Awards changed in April.

A spokesman for NS&I said: “We regularly review our products to ensure that we reflect current market conditions. In response to changes in the savings market, NS&I announced in February that it would lower the premium bond prize rate to 3.80% of the April draw.

“This change will help us maintain a balance between the stability benefits of savers, taxpayers and the broader financial services sector. Despite changes, this month's prize money has received a 5.9 million award, which is over £422 million.”

NewsQuest contacted NS&I for comments.

Premium Bond Award Checker – How to check if you win

You can check your account from the NS&I website.

Prizes are held monthly and prizes range from £25 to £1,000,000.

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To see if you've ever won a Premium Bond Award, you'll need to dig into the owner's info and head to the award checker.

You will need a holder number that can be found in the bond record or app.

You can also use NS&I numbers that should be found in communications about bonds.