NS&I cuts the Premium Bond prize fund

Premium Bonds
Premium Bonds

The prize fund available to Premium Bond holders is being slashed and the odds of winning will drop to 26,000 to one, from 24,000 to one, next month. What's more, the annual interest rate on the entire savings pot will drop from 1.5% to 1.3%.

Changes will come into action from August 1st, National Savings & Investments (NS&I), the Government organisation behind the bonds, confirmed today.
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