Prize draw
4.35%AER
Protection
FSCS£120,000
Min balance
£25
Max balance
£50,000
Access
Instant (cash in anytime)
Interest paid
N/A (monthly prize draw)
Annual prize fund rate; odds 22,000 to 1 per £1 Bond; prizes tax-free
Please verify all details with the provider – see our Disclaimer
See all NS&I accounts
Premium Bonds suit people who want instant access, a government-backed home for up to £50,000, and the chance of a tax-free prize rather than a guaranteed return. The prize fund rate is 4.35%, which is above the easy-access market average but 0.65% behind the category leader at 5.00%, and the odds of any single £1 Bond winning in a given month are 22,000 to 1. The real catch is that your actual return could be well above or well below 4.35% depending on luck, so if you want certainty, Cahoot's Simple Saver matches that 4.35% as a guaranteed rate.
Same type of account, closest on rate.
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