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The NS&I has cut the Premium Bond prize rate, find out what you need to know.
This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.
Published on 19 January 2024
It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.
There’s bad news for Premium Bond savers. In March the prize fund rate will be cut from 4.65% to 4.4%.
The cash balances are full to bursting at National Savings & Investments (NS&I). So, without the need to attract more cash, it’s putting on the brakes, and Premium Bond holders are paying the price. And if this doesn’t slow the inbound cash flow, there might be more cuts on the cards.
This article gives you information to help you make the most of your money, but it isn't personal advice. If you're not sure if a certain action is right for you, seek advice.
NS&I has a full-year fundraising target of £7.5bn. While offering a bumper rate on its one-year fixed rate bonds in September, NS&I attracted an eye-watering £7.7bn of savings in just one quarter to the end of September.
This smashed targets, leaving it sitting on £9.8bn at the end of September, only halfway through its
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