Premium Bonds: NS&I updates prize checker – how to check if you’ve won in December draw | Personal Finance | Finance
Premium bonds are held across the UK and every month NS&I announces a select few entered into a monthly prize draw will win cash prizes stretching into the millions. December’s winners have been announced and NS&I has created a new design for their website holders will need to wrap their head around.
On NS&Is website, premium bondholders will simply need to enter their holder’s number, which groups savers premium bonds altogether.
If this number can’t be remembered or found, there are links on the page providing users with information on how they can find it.
Additional information can also be found on how coronavirus affects prize draws and how holders can get prizes paid straight into their bank accounts.
This month’s winners have now been announced from the current prize fund of over £82million, with 2.8 million prizes being handed out.
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In recent months, NS&I has altered the odds on their premium bonds prizes and made changes to a number of their interest rates for their products, which come into effect from this month’s draw.
As it stands, the odds of winning are 34,500 to one (for every £1 Bond).
The annual prize fund rate is also now one percent, down from 1.40 percent.
Additionally, cuts have been made to their Direct Saver, Investment Account, Income Bonds, Direct ISA, Junior ISA and various Guaranteed Growth Bonds.
These changes were announced in September and caused shockwaves among savers given that NS&s products regularly topped savings rates lists.
As the cuts were announced, Ian Ackerley, NS&Is Chief Executive, had the following comments: “Reducing interest rates is always a difficult decision.
“In April we cancelled interest rate reductions announced in February and scheduled for May 1.
“Given successive reductions in the Bank of England base rate in March, and subsequent reductions in interest rates by other providers, several of our products have become ‘best buy’ and we have experienced extremely high demand as a consequence.
“It is important that we strike a balance between the interests of savers, taxpayers and the broader financial services sector; and it is time for NS&I to return to a more normal competitive position for our products.”
On the Bank of England’s base rate, it is currently set at 0.1 percent.
This effectively forces retail financial firms to keep their own rates low.
The next decision on the base rate will occur on December 17 and some fear the central bank will move the UK into a negative rate environment.