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Premium Bonds prize rate to rise to 4.35% – how do they compare?
NS&I will increase the prize-fund rate on its Premium Bonds to 4.35% (from 3.8%) for the September draw and beyond.
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Premium Bonds prize rate to rise to 4.35% – how do they compare?
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Comments
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Wow, that's quite a jump. Good news for those of us who like to dabble in Premium Bonds. A bit ominous as a prediction of what the Bank of England base rate is going to do though.
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308,194 extra prizes next month and fewer £25s is something to look forward to!
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Quite possibly, but it is certainly reflective of what the gilt market has already done, which isn't affected by the political influences of which the Bank of England is supposed to be independent.
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Reminds me of Liam Byrne's note in 2010 to his successor, "Dear Chief Secretary, I'm afraid there is no money. Kind regards — and good luck! Liam"
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
I've no doubt that someone will be along shortly to tell us that it's really around 3.5% because you have to discount the extremely unlikely chance of ever winning a top prize.
For the benefit of taxpayers 4.35% is worth 5.43% for 20% payers & 7.25% for 40% payers
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Well I'm happy as I've already had a return of 3.2% in just the first 5 months of this year.
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Even if you do discount the big prizes, at 3.5% it is worth 4.37% for 20% tax payers & 5.83% for 40% payers. For the additional rate tax payers, 4.35% is worth 7.91% and 3.5% is worth 6.36%!
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Together with the bump in NS&I rates, it does look like borrowing rates are up…
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Given that 31 Aug 26 is a Bank Holiday, it's probably safest to buy more Bonds on Fri 28 Aug 26 just to be on the safe side for entry to the October draw.
(You can technically still buy online via debit card or bank transfer on the weekend or bank holiday Monday. However, if your bank delays the transfer or NS&I undergoes holiday maintenance, the bonds may not issue until Tuesday 1 September—disqualifying them from the October draw.)
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