National Savings & Investments have announced that as well as introducing a second £1 million jackpot to the monthly Premium Bond prize draw, the prize fund will increase from today (1st August 2014).

From the August draw onwards –

• There are two £1,000,000 jackpots
• The annual prize fund rate increases from 1.30% to 1.35%
• They will allocate 7% of the prize fund to higher value prizes, 5% to medium value prizes and 88% to lower value prizes (previously 5%, 4% and 91% respectively)