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  "path": "/money/premium-bonds-win-nsi-rate-cut",
  "publishedAt": "2026-03-09T20:04:26.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Rachel Reeves urged to act as 2.1 MILLION savers to be caught in 60 per cent tax trap this year",
    "Nationwide overhauls savings accounts with 'longer-term value' interest rates - full list",
    "Savings alert: Britons can secure 7.5 per cent bond paying double Bank of England base rate",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nPremium Bonds holders \"may never win a penny\" after the latest decision from National Savings and Investments (NS&I) in a blow to savers, some analysts warn.\n\nLast month, the Government-backed financial institution's decision-making meant the odds of winning stretched from 22,000 to one all the way to 23,000 to one.\n\n###\n\n\n\n\nNotably, NS&I confirmed it would slash the prize fund rate from 3.60 per cent down to 3.30 per cent from April 2026.\n\nAnalysts note that this means someone holding £10,000 in Premium Bonds will see average prize payouts drop from £360 to just £330, in practical terms.\n\nFurthermore, Mr Westhead was keen to point out that the April 2026 draw should still dish out nearly six million tax-free prizes with the total pot is expected to be worth around £375million.\n\nAs one of the most popular savings products in the UK, cash placed in Premium Bonds is fully protected by HM Treasury, and any winnings come completely tax-free.\n\n###\n\n\n\n\n###\n\n\n\n\nUnlike traditional savings accounts, Premium Bonds do not accrue interest over time with customers\n\nAndrew Westhead, NS&I's retail director, said the changes \"reflects changes in the wider savings market, and ensures we continue to balance the interest of savers, taxpayers and the wider financial services sector.\"\n\nHowever, Mr Westhead noted that there is still some good news for those who love the thrill of the monthly draw.\n\nNS&I's retail director was keen to point out that the April 2026 draw should still dish out nearly six million tax-free prizes, with the total pot is expected to be worth around £375million.\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Rachel Reeves urged to act as 2.1 MILLION savers to be caught in 60 per cent tax trap this year\n  * Nationwide overhauls savings accounts with 'longer-term value' interest rates - full list\n  * Savings alert: Britons can secure 7.5 per cent bond paying double Bank of England base rate\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nAs one of the most popular savings products in the UK, cash deposited in Premium Bonds is fully protected by HM Treasury, and any winnings come completely tax-free.\n\nHowever, Moneyfactscompare's finance expert Rachel Springall has a stark warning for those wanting to bring home decent returns from Premium Bonds.\n\nShe cited that those with modest holdings \"may never win a penny\" and \"could make their money work harder for them\" with alternative savings vehicles.\n\nMs Springall pointed out that plenty of easy access accounts can be opened with just £1, letting your savings actually earn guaranteed interest.\n\n###\n\n\n\n\n###\n\n\n\n\nShe explained: \"Savers might then feel more inclined to top up the pot regularly towards a specific goal, whereas a Premium Bond could just be forgotten about over time.\n\nNotably, savers can still beat inflation with competitive interest rates from high street banks and building societies, which dropped to around three per cent in January 2026.\n\nDespite savings rates taking a hit recently, the best easy access accounts are still paying more than four per cent AER.\n\nMs Springall added: \"The savings sentiment for consumers can change over time, particularly during times of uncertainty.\"\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards:The GB News Editorial Charter **",
  "title": "Premium Bonds alert: Savers 'may never win a penny' after NS&I prize fund rate cut"
}