Best savings accounts: Savers reminded of ‘major benefit’ as NS&I increases interest rates

Savers can win up to £1million in the prize draw. The draw is randomised with each Bond having the same chance of winning.

However, Laura Suter, head of personal finance at AJ Bell, said savers should “look at the small print” before investing in Premium Bonds as a saving option.

She explained: “Your odds of actually winning a prize haven’t improved and remain at 24,000 to 1 for each £1 bond you hold.

“But if you do win a prize you’re more likely to win a bigger sum, as the prize fund has been boosted.