- NS&I seeks to attract savers in a competitive market
- Most savings will be better off elsewhere
National Savings & Investments (NS&I) has increased the prize fund rate for its Premium Bonds to the highest level in 15 years – but is still lags behind the top-paying savings accounts.
The prize fund rate, equivalent to the proportion of total Premium Bonds investments that is paid out in prizes, will go up from 3.30 per cent to 3.70 per cent from July. But the best easy-access savings accounts offered by HSBC, Coventry Building Society and West Bromwich Building Society currently pay 4 per cent, according to data provider Moneyfacts.