What does the Premium Bonds prize fund rate mean?
The prize fund rate helps determine the money available for prizes across the whole Premium Bonds draw. It is different from an interest rate paid to every saver.
Why your return can be different
Prizes arrive in uneven amounts. Some holdings win nothing over a period, others win several smaller prizes, and a few receive much larger awards. Those rare awards pull the mathematical average upwards. Matching the average is not the most common outcome for every holding.
What would £1,000 be expected to win?
Using the published October 2026 results, a £1,000 eligible holding has expected winnings of £43.50 over 12 identical draws. That is the mean across possible results, not an annual payment. The same model gives a 56.47% chance of no prizes at all over that period.
A saver receiving £0 and another receiving £100 can both be ordinary outcomes even when the mean is around £44. The average helps compare results; it does not tell you what you will win.
Use the rate for the right draw
The included October 2026 draw has a 4.35% annual prize fund rate. This is dated draw information. Rates and odds can change. For past results, use the prize fund, odds and eligible balance for each month.
Try the odds and expected winnings calculator to compare the mean, median and chance of no prizes. Browse past monthly results for the figures used in each draw.