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Premium Bonds 'Widespread Cuts' Warning as NS&I Announces Changes
- National Savings and Investments announced reductions to its Direct Saver and Income Bonds, lowering rates from 3.3 percent to 3.05 percent from Thursday, February 12.
- Many savings providers have trimmed rates in recent months as the Bank of England base rate has fallen to 3.75 percent after six reductions, NS&I said it reviews rates to balance savers, taxpayers and the wider financial services sector.
- The Premium Bonds prize fund rate is 3.6 percent after several cuts last year, with odds of 22,000 to one for each £1 Bond and two £1million jackpots monthly.
- More than 24 million customers could see lower returns as NS&I changes rates for the first time since March 2025, with Premium Bonds holders urged to check prizes via the prize checker tool and app.
- Hargreaves Lansdown's Sarah Coles warned, `Premium Bond holders will be glad NS&I has chosen this approach, rather than cutting the Premium Bond prize rate. However, they're not out of the woods just yet,` as NS&I will monitor the easy access market for potential widespread cuts.
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14 Articles
14 Articles
Grimsby Telegraph+2 Reposted by 2 other sources
Premium Bonds 'under review' as NS&I cuts rates
The new NS&I rates will come in from next month
·Grimsby, United Kingdom
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Coverage Details
Total News Sources14
Leaning Left0Leaning Right3Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
C 70%
R 30%
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