NS&I will increase its Premium Bond prize-fund rate to 3.3% from 3.15% for its March 2023 draw and beyond, with an extra £15 million in higher-value prizes up for grabs. The odds of winning will remain the same at 24,000-to-one, but there will more prizes between £50 and £100,000 available.
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NS&I to increase the Premium Bond prize rate AGAIN to 3.3% – here's all you need to know
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NS&I to increase the Premium Bond prize rate AGAIN to 3.3% – here's all you need to know

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I mean, it costs the taxpayer 3.3%, and most people earn 2.64% to subsidize this crazy lottery.
https://en.wikipedia.org/wiki/Bank_of_England
https://en.wikipedia.org/wiki/Million_Lottery
It is not rationally logical, but human beings are a mixture of rationale and emotion.
Getting rid of PB' s would be unpopular.
In some sense, the government is telling us: if you want to exceed your savings allowance without taxation, you must participate in our lottery.