More life-changing prizes will be added to the Premium Bonds draw from March.

Savings giant NS&I said the Premium Bonds prize fund rate will increase to 3.30% from the March 2023 draw, from 3.15%, meaning about £15 million more in prizes up for grabs.

The change is the fifth increase that NS&I has made in the past year.

The odds of each £1 Bond winning a prize will remain at 24,000 to one, but the number of prizes worth £50 to £100,000 will increase from the March draw.

It will mean that, for example, the estimated number of £100,000 prizes in March will be 62, up from 59 in February.

The estimated number of £50,000 prizes next month will be 123, up from 117 in February.

The estimated number of £1 million prizes will remain the same, at two.

There will be fewer £25 prizes available, with an estimated 2,132,917 in March, down from 2,376,161 in February.

The estimated number of £50 prizes will increase to 1,400,876 in March, from 1,280,509 in February.

These changes will ensure that NS&I’s savings products are balanced when compared with the broader savings market, the Treasury-backed savings provider said.

Savings rates have generally been increasing, as the Bank of England base rate rises.

In a further boost, Direct Saver and Income Bonds customers will also see their variable interest rates increase to 2.85%, from 2.60% previously, from Tuesday.

NS&I chief executive Ian Ackerley said: “We are committed to ensuring our products remain attractive and our customers can continue to save with confidence.

“Today’s changes mean that we continue to balance the interests of savers, taxpayers and the broader financial services sector.”