National Savings and Investments will cut the Premium Bonds prize rate from 3.6 per cent to 3.3 per cent from the April 2026 draw.

The Treasury-backed bank is also lengthening the odds for each £1 bond winning a prize to 23,000 to 1 from the current 22,000 to 1.

The prize fund rate on the hugely popular savings product was last changed in August 2025 and the odds last tinkered with in December 2024.

It means the number of £100,000 prizes will fall from 78 in the most recent draw to an estimated 71 in April.

Meanwhile, there will be 143 prizes worth £50,000 versus 154, and 285 prize worth £25,000 against 311 in February.

Andrew Westhead, NS&I retail director, said: 'This change to the Premium Bonds prize fund rate and odds reflects changes in the wider savings market, and ensures we continue to balance the interests of savers, taxpayers and the wider financial services sector.'

NS&I says Premium Bonds are the most popular UK savings account and recently passed £40billion prizes drawn since launching in November 1956.

Instead of paying interest, there's an annual prize fund rate that funds the monthly draw for tax-free prizes. 

Each £1 Bond purchased is entered into a monthly prize draw, where prizes range from £25 to £1 million.

Individuals can hold up to £50,000 in Premium Bonds, including those aged under 16. 

New Premium Bonds purchases need to be held for one full calendar month before being entered into the monthly prize draw.

In the most recent draw on 1 February 2026, four lucky Premium Bonds savers won £100,000 prizes on their bond's first entry,

The four holders purchased their winning bonds - ranging in value from £50 to £50,000 - in December 2025.

The £1million winners hailed from Central Bedfordshire and Liverpool. 

Both winners had the maximum £50,000 stashed in their Premium Bonds accounts.

The Central Bedfordshire winner purchased the winning Bond in February 2022 and was the second jackpot winner from Central Bedfordshire.

While the Liverpool winner bought their winning Bond in October 2004 and is the fourth person to win the £1 million jackpot in Liverpool.

There are currently a number of providers in the independent This is Money easy-access savings tables offering 4 per cent or more.

These include Virgin Money, Nottingham Building Society, Shawbrook Bank, Cambridge Building Society and Charter Savings Bank.

However, many come with temporary bonuses that fall away after a year, or restrict the number of times you can withdraw the cash.

Some of the big banks are now back to offering as little as 1 per cent. NS&I currently has a Direct Saver paying 3.05 per cent.