As such, this will affect the odds of any £1 Bond number winning any prize, which will decrease to 26,000 to one from May 1, 2020.

Ian Ackerley, NS&I Chief Executive, said in February: “Reducing interest rates is always a difficult decision. We need to ensure our interest rates are set at an appropriate position against those of our competitors.

“These changes reflect NS&I’s requirement to strike a balance between the needs of our savers with taxpayers and the stability of the broader financial services sector.

“We believe our new rates offer our customers a fair return and the assurance of the 100 percent HM Treasury guarantee on all their holdings with NS&I.”