Premium Bonds full list of prizes for January 2025 as fund rate drops again

Premium Bonds holders are being hit by another drop in the prize fund rate from January as the number of big cash prizes will fall. The prize fund rate is already on the decline dropping in the December draw from 4.4 percent to 4.15 percent, and will now see a further decrease in January to 4 percent.

The odds of each £1 Bond winning are dwindling from December, moving from 21,000 to one to 22,000 to one, but these odds will remain unchanged in January. While the two £1million jackpots will still be available in the monthly draw, the number of other large cash prizes in the pot will reduce in January, including reductions in the £100,000, £50,000, and £25,000 prizes.

NS&I Retail Director, Andrew Westhead, commented on the change in prizes: "These adjustments help us meet our Net Financing target while balancing the interests of our savers, taxpayers and the wider financial services sector. Premium Bonds remain a popular choice for millions of savers, backed by the 100 percent Government guarantee, with the January 2025 draw set to deliver over 5.8 million tax-free prizes worth more than £431million."

NS&I has shared estimates for the prizes in the January draw, suggesting there will be one less £100,000 prize and one less £50,000 prize, alongside three fewer £25,000 prizes and seven fewer £10,000 prizes than the December draw. The number of each prize amount is poised to drop, except for the £25 prizes, which are set to rise by roughly 300,000. This change means there'll actually be more prizes up for grabs come January, as the number of prizes can fluctuate.

This is how many prizes there will be in January, compared to December:

• £1,000,000 - 2 (unchanged)
• £100,000 - 82 (down from 83)
• £50,000 - 166 (down from 167)
• £25,000 - 329 (down from 332)
• £10,000 - 823 (down from 830)
• £5,000 - 1,648 (down from 1,664)
• £1,000 17,277 (down from 17,426)
• £500 - 51,831 (down from 52,278)
• £100 - 2,001,028 (down from 2,072,099)
• £50 - 2,001,028 (down from 2,072,099)
• £25 - 1,815,854 (up from 1,509,458).

Total prizes

• 5,890,068 prizes (up from 5,726,438 prizes)
• £431,938,050 (down from £435,686,300).

Following a second rate cut in just two months for Premium Bonds, savers are being urged to consider if this option remains suitable for their needs. Sarah Coles, personal finance expert at Hargreaves Lansdown, cautioned: "If you hold the Bonds, you need to be absolutely certain you understand how they work, and that despite a prize rate of 4 percent, in an average month, the average bond holder with £1,000 in bonds will earn nothing."

She also pointed out the loss of money's spending power due to inflation, saying: "In the interim, the slight resurgence of inflation means your money will be losing more spending power. If you’re happy with this trade off, you may choose to stay put. However, if you want to switch, there are still plenty of decent rates on offer in the easy access savings market."

Research by AJ Bell previously highlighted that two thirds of Premium Bond savers have never won a prize. Bond holders can check for unclaimed prizes on the NS&I website using its prize checker tool.