You may have noticed that interest rates have increased a tad from last year but the interest on the premium bond pool has decreased from 4% to 3.4%. To cover this up, the odds of winning have been reduced to from 24,000:1 to 22,000:1 but the chances of winning a prize other than £50 or £100 have been halved. So, although you stand a better chance of winning a small prize ( a holding of £1,833 should win once a year) the chances of winning something useful is negligible and that is not what premium bonds are about. It is probably better to buy a Northern Rock bond paying 6%!
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