NS&I increases bond rate to 2.2% – how to check if you’ve won

Martin Lewis advises on savings accounts and premium bonds

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As the November draw looms, Britons are being reminded how to check if they’ve won a prize as interest rates have risen. October’s prize fund rate increased from 1.40 percent to 2.20 percent which NS&I states is the “single biggest increase” in more than 40 years.

The move made the odds of winning increase from 24,500 to one to 24,000 to one.

The change also increased the number of people able to win the £100,000 cash prize from 10 in September to 18 this month.

Meanwhile, the number of £50,000 prizes increased from 20 to 35.

There were also 19 times as many £50 and £100 prizes paid out in October.

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NS&I awarded £218million worth of prizes in this month’s prize draw – up £4.9million on previous months due to the prize rate increase.

NS&I urges Britons to check if they have won a prize. Usually, prize winners are notified if they win, however, sometimes NS&I cannot contact the winner.

This is due to people moving or changing their contact details without letting NS&I know and can lead to unclaimed prizes.

People can check if they have won by heading to NS&I’s website or by checking the prize checker app.

People can choose to check this from their mobile or voice apps. Those with an Amazon Alexa can check the Premium Bonds winners.

A person’s NS&I number was sent to them when they registered for either the online or phone service and they can find it in any letter they have received since they registered.

When checking winnings, people need their NS&I number or holder’s number.

NS&I this week confirmed that 2.7 million savers across the UK will benefit from its latest interest rate hike.

Their Direct Saver account has seen its interest rate raised to 1.80 percent gross/AER.

The Income Bonds product’s rate has also gone up from 1.20 percent to 1.80 percent.

Their ISA accounts have also increased. The Direct ISA’s interest rate is now 1.75 percent.

On top of this, the Junior ISA savings product has been hiked from 2.20 percent to 2.70 percent.

Ian Ackerley, the NS&I’s chief executive, outlined why they chose to raise rates in this way.

Mr Ackerley said: “Today’s increases across our variable and fixed-rate products mean that our customers get a welcome boost to their savings.

“The changes come in the same month that we increased the Premium Bonds prize fund rate.

“Some of the rates we’re now paying – including on Premium Bonds – are the highest that they have been in over a decade, which is great news for savers.

“The changes to interest rates we’ve announced today will help ensure that our products are priced appropriately when compared to those offered by our competitors.”

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