Premium Bonds: Number of prizes handed out each month to be reduced slashing chance of winning

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The changes, which come into effect in June, will see rates on the top-paying Direct Isa fall by a fifth, from 1.25 per cent to 1 per cent, with a similar cut on Income Bonds. Interest on NS&I’s Direct Saver account will slump from 1.1 per cent to 0.8 per cent while, from July, the Investment Account rates will shrink to 0.45 per cent from 0.75 per cent. But he added that while Premium Bonds are looking increasingly unattractive with the number of prizes and the total prize-pot falling, “they may still be a solution for higher rate taxpayers looking for a temporary home for some of their cash.” The number of £100,000 prizes will fall from five this month to two in June and the number of £50,000 prizes would fall from 12 to five.