Premium bonds prize fund rises to highest level in 24 years

Millions of holders will also have increased chance of winning from September in NS&I draw

Millions of holders of premium bonds will see the prize fund rise to its highest level in 24 years and their chances of winning a prize increase from September's draw.

NS&I, the government-backed organisation that runs the monthly draw, said it would increase the rate from 4% to 4.65% next month, adding 66m to the prize fund.