NS&I has increased its Premium Bond prize fund rate from 1.4% to 2.2%, adding an expected £76m to its October prize fund.

NS&I will increase the Premium Bonds prize fund rate from 1% to 1.4% from the June prize draw.

NS&I has extended its contract with Chartered Financial Planning firm Matrix Capital to provide advice to £1m Premium Bond winners for a further two years.

NS&I is to make sweeping cuts to most of its savings products from 24 November.