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.”