NS&I Prize Fund rate increase will lift Premium Bonds from 3.80% to 4.35% from the September 2026 draw. More than 22 million savers will face shorter odds at the same time, with the chance of winning moving from 22,000 to 1 to 21,000 to 1.
Andrew Westhead said the September Premium Bonds draw is now expected to have more than 6.5 million tax-free prizes worth over £497 million. He added: "Premium Bonds continue to offer over 22 million savers of all ages the monthly excitement of tax-free prizes with 100% security backed by HM Treasury, and the flexibility to withdraw at any time.”"
September 2026 draw
The prize pot will rise by around £63 million compared with the August 2026 draw, and the total number of prizes will climb by over 308,000. NS&I said that means 12 additional £100,000 prizes, 27 more £50,000 prizes and 51 extra £25,000 prizes.
The September 2026 draw will still include two £1 million prizes, and there will be over 2.3 million £100 prizes. For savers checking whether they have won, NS&I says results can be seen through the Premium Bonds prize checker app.
Andrew Westhead
Westhead’s comments show the change is not a straight gain for every saver. The prize fund rate rises, but the odds of winning a prize get worse at the same time, so more money is being spread across more prizes while each bond has a slightly lower chance of success.
NS&I said winners can have money paid into a bank account or reinvested into new Premium Bonds, and they should be emailed or sent a text message if they win. The maximum that can be held in Premium Bonds remains £50,000, with one unique bond number issued for every £1 invested.
NS&I and HM Treasury
The product remains a savings account built around a monthly prize draw rather than a guaranteed interest payment. NS&I is backed by HM Treasury, and Westhead said that backing and the flexibility to withdraw at any time remain part of the offer as the September 2026 draw takes effect.
For savers, the practical change is immediate once the new draw begins: the headline rate improves, but the win rate becomes less generous. Anyone holding Premium Bonds will need to weigh the larger prize pool against the narrower odds when deciding whether to keep saving or add more funds.
