More than 5.5 million cash prizes will be up for grabs in the September Premium Bonds draw with entrants set to share in over £470 million.

NS&I, who runs the premium bonds draw each month said odds will improve to 21,000 to one next month, the highest level since the April 2008 prize draw.

The prize fund rate will increase from 4% to 4.65% from the September draw, marking its highest level since March 1999.

The change in odds will see an extra £66 million added to the Premium Bonds prize fund next month, with a potential prize pot of more than £470 million.

More big money cash prizes in September Premium Bonds draw

The saving giant estimates there will be 5,785,904 prizes up for grabs from September – an increase of more than 269,000 when compared with August 2023.

The number of £1 million prizes in September will remain the same, at two, but there will be an increase in the other big money prizes up for grabs:

  • £100,000 - 90 up from 77 in August
  • £50,000 - 181 up from 154

While the number of big money prizes will increase in September's Premium Bonds draw, there will be a reduction in the £25 prizes up for grabs. 

It is estimated the number of £25 prizes will reduce, to 1,027,604 in September, down from 1,700,728 in August.

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NS&I chief executive, Dax Harkins, said: “These upcoming increases show that we’re supporting savers up and down the country.

"Premium Bonds are one of the nation’s favourite savings products, so increasing the prize fund rate to its best level since 1999 and improving the odds means that more people will have the chance to win prizes each month."

NS&I, which has more than 24 million customers, is backed by the Treasury.

When customers invest in NS&I products, they are lending to the Government. In return, the Government pays interest or prizes for Premium Bonds.