NS&I increase the prize fund rate to 2.2 percent – how to check if you've won thousands

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

Two Britons woke up £1million richer after the prize draw.

Instead of earning interest, each Premium Bond is entered into a monthly prize draw where people could have the chance to win between £25 to £1million tax-free.

Commenting on the increased fund rate, Laura Suter, head of personal finance at AJ Bell said: “Savers will have the chance to win an extra £76million of prize money from next month as NS&I has hiked the Premium Bond prize fund for the second time in six months in a bid to keep up with the rates war in the savings market.”

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