Premium Bonds saver 'disappointed' with prize asks if NS&I payouts have reduced
The Premium Bonds holder asked NS&I if they have slashed their 4.65 percent rate.
A Premium Bonds saver disappointed with their result in the latest prize draw has queried if the prize fund rate has fallen.
The frustrated customer contacted NS&I over X to ask: "Another disappointing Premium Bonds result this month. Have NS&I reduced the payout percentage?"
A representative of the provider contacted them to explain the current odds of winning a prize.
They said: "The Premium Bond prize fund rate was reduced to 4.40 percent from 4.65 percent in March of this year
"However, the odds for a £1 Bond to win a prize remained at 21,000 to 1. May I take this opportunity to wish you luck in future draws."
A person can increase their chances of winning a prize in the monthly draw by purchasing more Bonds.
Each customer can hold up to £50,000 in Premium Bonds, and you have to buy at least £25 worth of Bonds when buying more.
Each £1 Bond eligible to go into the draw has an equal chance of being selected with a prize, including one of the two jackpot prizes for £1million.
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However, NS&I recently issued a warning that a person could miss out on a prize draw if they make a certain change to their Bonds.
A customer asked the group: "I want to consolidate my holding into one group of 50,000 consecutive numbers. Do I have to sell all then buy again?"
A representative said in response: "If you wish to do this, you would need to cash in your holding, then purchase the Bonds in one lump sum. Please note however, if you do this, you will miss out on a prize draw."
Financial journalist Martin Lewis also recently warned Premium Bonds customers they may be able to get a better rate of return with a savings account.
He added: "If you've got £50,000 in, with typical luck you're likely to win just a little bit less than the published interest rate.
"If you've got far less in, then you're likely to win with typical luck - and of course some people have more than typical luck and some people have less than typical luck - quite a bit less than the published rate.
"And the published rate is nowhere near as high as you can get in top easy access or fixed savings."
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