NS&I increases Premium Bond prize rate to 3.15%

S_uk

Premium Bonds 3.15% (up from 3%)
Direct Saver and Income Bonds 2.6% (up from 2.3%)
Direct ISA 2.15% (from 1.75%)
Junior ISA 3.4% (from 2.7%)

all from today but premium bonds from Feb draw.

https://nsandi-corporate.com/news-research/news/january-boost-premium-bonds-holders-and-savers-all-ages-nsi-increases-interest

Albermarle

Every little helps.......

S_uk

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

westv

S_uk said:

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

Which will reduce the average persons chance of winning anything each month ??

eskbanker

westv said:

S_uk said:

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

Which will reduce the average persons chance of winning anything each month ??

No, retaining the same odds of 24,000 to 1 for an individual bond in any month means that the chance of winning anything each month is exactly the same as before.

westv

eskbanker said:

westv said:

S_uk said:

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

Which will reduce the average persons chance of winning anything each month ??

No, retaining the same odds of 24,000 to 1 for an individual bond in any month means that the chance of winning anything each month is exactly the same as before.

Ok. I was basing that on most people winning £25 or multiples of that each month. Less £25 prizes meaning less won.

ColdIron

westv said:

eskbanker said:

westv said:

S_uk said:

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

Which will reduce the average persons chance of winning anything each month ??

No, retaining the same odds of 24,000 to 1 for an individual bond in any month means that the chance of winning anything each month is exactly the same as before.

Less £25 prizes meaning less won.

Fewer £25 prizes but more >£25 prizes meaning same won over time

eskbanker

westv said:

eskbanker said:

westv said:

S_uk said:

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

Which will reduce the average persons chance of winning anything each month ??

No, retaining the same odds of 24,000 to 1 for an individual bond in any month means that the chance of winning anything each month is exactly the same as before.

Ok. I was basing that on most people winning £25 or multiples of that each month. Less £25 prizes meaning less won.

But the point is that the £25 prizes that are being taken out are directly replaced by higher value prizes, so not only do the odds of winning something remain the same, but the average prize value increases.

S_uk

Some inaccurate reporting in some national newspaper websites today:

"Those with Premium Bonds have a better chance of winning a cash prize" (Express)

"Customers with National Savings and Investments (NS&I) Premium Bonds are now more likely to win" (Mail) - in the headline it mentions more likely to win BIG, but in the main article in omits the word big.

"Britain’s best loved savings account" (Telegraph)

Albermarle

Some inaccurate reporting in some national newspaper websites today

Nothing new there then !

ranciduk

westv said:

S_uk said:

The odds of a bond winning a prize will remain at 24,000 to 1, with the trend continuing in the prize distribution of fewer £25 prizes but a greater number of those of higher value.

Which will reduce the average persons chance of winning anything each month ??

I won 3 months on the trott before this recent flurry of rate increases

ive won £0 ever since...

cashing the lot in after next draw