Premium Bonds customers are set for a major shake-up in the New Year - and it means an extra £80million worth of prizes will be up for grabs.
Premium Bonds - which are run by National Savings and Investments (NS&I) are a monthly lottery-style draw which offers two jackpot wins of £1million.
NS&I say customers will have more opportunities to win life-changing sums of cash as the prize fund rate will increase from 2.20% to 3.00% next year.
The change will offer an estimated 56 chances to win £100,000, up from 18 in December and see the January 2023 prize fund hit an expected £299,572,750.
The number of £1million prizes will remain the same, at two, and there will be roughly 112 £50,000 prizes, up from 36 in December.
Around 570,000 customers holding Direct Saver and Income Bonds will also benefit from Tuesday, as the interest rate on both products will go up from 1.80% to 2.30%.
It's the highest rate on Direct Saver since the account was first launched in March 2010, while the interest rate on Income Bonds will be the highest it's been in 13 years.
NS&I, which is backed by the Treasury, said the move will mean products are priced appropriately, in line with the rest of the savings market.
It will also ensure NS&I continues to balance the interests of savers, taxpayers and the broader financial services sector.
Ian Ackerley, chief executive of NS&I said: "The new year increase to the Premium Bonds prize fund rate will mean that customers will have seen the prize fund rate triple in less than a year.
"This means a bigger prize pot and more higher value prizes for our customers - a great way to start 2023."
Sarah Coles, senior personal finance analyst, Hargreaves Lansdown, said NS&I has "gone to town with more life-changing sums".
She said: "It's a clever move at a time when we know people are searching for a solution to the financial dead end they've found themselves in.
"We know prize draws become far more tempting at times like this, so Premium Bonds are positioning themselves as the ultimate game of chance - with your money back if you lose.
"However, before you're dazzled by the new prizes, it's important to be aware of what's involved when you buy Premium Bonds, and the impact of focusing on bigger prizes.
"Despite the average prize rate rising, there are absolutely no guarantees you'll get anything like this, because the odds of a win are still 24,000 to one."
