NS&I Price Checker: How to Check if You’ve Made Thousands as the Bond Rate Rises to 2.2% | Personal finance | Finance

As the November draw nears, Britons are being reminded how to check if they’ve won a prize as interest rates rise. The October price rate rose from 1.40% to 2.20%, which NS&I says is the “biggest increase” in over 40 years.

The decision increased the odds of winning from 24,500 to 1 to 24,000 to 1.

The change also increased the number of people who can win the £100,000 cash prize from 10 in September to 18 this month.

Meanwhile, the number of £50,000 prizes has increased from 20 to 35.

There were also 19 times as many £50 and £100 prizes paid in October.

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NS&I awarded £218 million in prize money in this month’s draw, up £4.9 million from previous months due to the increased prize rate.

NS&I urges Britons to check if they have won a prize. Usually winners are notified if they win, however sometimes NS&I cannot contact the winner.

This is due to people moving or changing their contact details without notifying NS&I and may result in unclaimed prizes.

People can check if they’ve won by visiting the NS&I website or checking out the prize checker app.

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Ian Ackerley, Managing Director of NS&I, explained why they chose to raise rates in this way.

Mr Ackerley said: “Today’s increases on our variable and fixed rate products mean our customers are getting a welcome boost to their savings.

“The changes come in the same month that we increased the premium bond price fund rate.

“Some of the rates we’re paying now – including on premium bonds – are the highest in over a decade, which is great news for savers.

“The interest rate changes we announced today will help ensure that our products are priced appropriately relative to those offered by our competitors.”

Virginia C. Taylor