• New 4.40% prize fund rate for Premium Bonds from March 2024 draw
  • Odds remain the same at 21,000 to 1 for each £1 Bond
  • NS&I required to strike a balance between the interests of savers, taxpayers and the broader financial services sector

NS&I is reducing the prize fund rate for Premium Bonds from 4.65% to 4.40% from the March 2024 draw. The odds of any £1 Bond number winning a prize will remain the same at 21,000 to 1.

Andrew Westhead, NS&I Retail Director, said:

“These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector. In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.

“After these changes, the Premium Bonds draw in March is expected to pay out over 5.7 million tax-free prizes totalling more than £444 million to savers across the UK.”

From the March 2024 prize draw the Premium Bonds prize fund rate will be reducing by 25 basis points to 4.40%, with the odds remaining the same at 21,000 to 1. This compares to the March 2023 draw when the prize fund rate was 3.30% and the odds were 24,000 to 1.

Current prize fund rate (from September 2023)Current odds (from September 2023)New prize fund rate (from March 2024)Odds (from March 2024)
4.65% tax-free21,000 to 14.40% tax-free21,000 to 1

Value of Premium Bonds prizes

Value of prizesNumber and total value of prizes in January 2024Number and total value of prizes in March 2024 (estimate)


5,843,447 prizes



5,771,425 prizes


Premium Bonds offer a minimum investment starting at just £25. Premium Bonds customers can add to their Premium Bonds holding quickly and securely, both for themselves or a child, via Pay by bank account or bank transfer, and more savings means more chances to win in the monthly prize draws.

Notes to Editors

  1. NS&I last announced a change to the prize fund rate on 8 August 2023 with effect from the September 2023 draw at 4.65% with odds of 21,000 to 1. Details of previous rates and odds for Premium Bonds are available here.
  2. Premium Bonds were launched in 1956 and are a unique way to save. Instead of earning interest, each £1 Bond is entered into a monthly prize draw with the chance to win tax-free prizes ranging from £25 to two £1 million jackpots.
  3. NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100% security as NS&I is backed by HM Treasury.
  4. Net Financing – the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
  5. Information on our product range can be found here.
  6. All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
  7. Further information on NS&I, including press releases and product information, is available on the website at Follow us on X/Twitter: @nsandi or join the conversation on Facebook: NS&I.