NS&I cuts Premium Bond prize fund rate

The reduction of 0.2% means the odds of each £1 Bond number winning a prize have lengthened from 24,000-to-one to 26,000-to-one. NS&I said the decision to reduce the rate has also been taken to ensure it stays within its Net Financing range for 2013-14. Last month, NS&I announced it was reducing the interest rates on its Income Bonds, Direct Saver and Direct ISA with effect from 12 September. Jane Platt, Chief Executive of NS&I, said: "Rates across the savings market have fallen over recent months, resulting in NS&I savings being increasingly attractive. "To ensure we stay withi...