Premium Bond to slash prize fund rate from March in blow for savers

Premium Bond rates are set to drop this March in a move that will reduce the amount account holders could win.NS&I, the state-owned savings bank, said the prize rate for winners would fall from 4.65 per cent now to 4.4 per cent in its March draw. The cut marks the end of 18 months of rate hikes from NS&I. However, the bank stressed that the odds of any £1 bond number winning a prize remained the same, at 21,000 to 1.The rate cut is the “biggest sign yet that the rates bonanza” for..