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The decision from the Bank of England to hike interest rates spells good news for Premium Bonds. The prize rate for the savings option is also set to rise – from 3.15 percent to 3.3 percent.
Under Premium Bonds, savers do not get a boost in their money via this rate, but it instead goes towards funding the prize pot each month.
The latest rise from National Savings and Investments (NS&I) represents the fifth increase in 11 months for savers.
While there is set to be the same number of prizes available, the total prize fund will be more as a result of the rate hike.
The odds of winning a prize will remain the same, meaning Britons are just as likely to win as in recent draws.
READ MORE: Halifax to shut 18 branches in 2023
Now, with winning a bigger prize more likely, many people will have their eyes on the next draw.
For example, the number of £10,000 prize winners in February 2023 was 590, but this is estimated to rise to 620 in March 2023.
Similarly, 37,719 people clinched a £500 win in the February draw, but according to NS&I, 39,519 could win this sum in March 2023.
People can purchase Premium Bonds from the NS&I website or over the phone, but must have a minimum holding of £25.
READ MORE: HSBC announces increase to interest rate across its savings accounts
The winning bond was worth £5,000 and was first purchased in May 2006.
The second millionaire was revealed as someone from Sheffield, and their winning bond number was 136RN551344.
With a bond value of £2,000, and a total holding of £3,000, this person first purchased their winning bond in February 2008.
There are now six days until the full list of prize winners are released, with the prize checker updated on the NS&I website.
