State-owned savings bank National Savings & Investments is cutting the prize fund rate on its popular Premium Bonds from 3.6% to 3.3% and lengthening the odds of winning to 23,000 to 1, effective from the April 2026 draw.
The prize fund rate was last changed in August 2025 and a lengthening of the odds in December 2024. Around £375m in tax-free prizes are expected to be paid out in April across nearly 6 million prizes.
Andrew Westhead, NS&I retail director, said the change "reflects changes in the wider savings market and ensures we continue to balance the interests of savers, taxpayers and the wider financial services sector".
The reduction brings Premium Bonds in line with falling interest rates across the savings market, where easy-access accounts have been steadily repricing downwards in recent months.
Despite the cut, NS&I highlighted that Premium Bonds remain the UK's most popular savings account, with over £40bn in prizes drawn since their launch in November 1956. The product continues to offer capital security backed by HM Treasury, instant access to funds and the possibility of tax-free prizes ranging from £25 to £1m each month.
Under the new structure, the April draw will award two £1m jackpots, 71 prizes of £100,000 and 143 prizes of £50,000. The bulk of prizes will remain at the lower end, with around 2.8 million £25 prizes and 1.5 million each of £50 and £100 prizes.
| Number and value of Premium Bonds prizes | ||
| Value of prizes | Number and total value of prizes in February 2026 | Expected number and total value of prizes in April 2026 (estimate) |
| £1,000,000 | 2 | 2 |
| £100,000 | 78 | 71 |
| £50,000 | 154 | 143 |
| £25,000 | 311 | 284 |
| £10,000 | 777 | 712 |
| £5,000 | 1,553 | 1,424 |
| £1,000 | 16,322 | 15,035 |
| £500 | 48,966 | 45,105 |
| £100 | 1,735,948 | 1,537,125 |
| £50 | 1,735,948 | 1,537,125 |
| £25 | 2,643,007 | 2,806,003 |
| Total: | 6,183,066 | 5,943,029 |
Source: NS&I
The total number of prizes is expected to fall slightly to around 5.9 million in April from 6.2 million in February, reflecting both the lower prize fund rate and the longer odds.