Premium Bonds can be a fun way to save, as long as you’re happy to accept that it’s unlikely to offer you a regular income.
The form of investment is offered by National Savings and Investment (NS&I), a savings bank owned by the UK Government.
Instead of earning interest on their money, holders of the bonds are entered into a random draw at the start of every month, with tax-free prizes worth between £25 and £1 million.
Since June 2022, Premium Bonds are operating at an interest rate of 1.4 per cent (although the format means this is not a guaranteed return), with each bond having a 24,500 to 1 chance of winning in the draw – here’s how to check yours.
How to check if you’ve won a Premium Bonds prize
If you hold Premium Bonds and want to check if you’ve won a prize in the latest monthly draw, you can use the NS&I online prize checker here.
Alternatively, you can download the free app from iOS or Android, while Amazon Alexa devices can also check for you, “remembering” back across the past six prize draws.
To check on your Bonds, you will need your unique holder’s number, which can be found on your bond record or by logging into your account on the NS&I website. It will have either nine of ten digits, or be an eight digit number with a letter at the end.
Prizes don’t carry a time limit, so you can claim as far back as the original 1957 draw.
According to MoneySavingExpert, as of November 2021 there were more than two million unclaimed Premium Bonds prizes, with a total value of almost £75 million.
To reduce the potential for leaving prizes unclaimed, Premium Bonds holders can opt to have them paid directly in their bank account or automatically reinvested into more Bonds.
NS&I says that almost nine in ten prizes are now paid this way, and you can find out more details here.
When are Premium Bonds drawn?
The results of the latest Premium Bonds draw are usually accessible from the second day of the month, although this is pushed back if the month starts with a weekend or bank holiday.
However, the results themeslves are drawn on the first day of the month, and NS&I releases the details of the highest prize winners – anyone who has won more than £5,000 – at midnight.
You can see the list of September’s big winners here, with details including the winning bond number, area the holder lives, how much the winner is holding in Premium Bonds and which prize the bond has won.
More on Savings
Who won the September 2022 Premium Bonds?
Premium Bonds holders from Merseyside and West Sussex received a welcome windfall to start autumn by winning the £1m jackpot in September 2022.
The first winning bond, 409PT785413, was bought in August 2020 by someone from Sefton, who holds the maximum of £50,000 in Premium Bonds.
September’s second top prize winner comes from West Sussex, and also holds the maximum sum in Bonds. Their winning Bond carries the number 324MB318235, and was purchased in February 2018.
A total of 4,862,556 prizes were paid out in the September draw, which carry a combined value of £138,988,000 and were drawn from a total of 119,132,583,818 eligible numbers.
As well as the two £1m bonds, there are 10 winners of £100,000, 20 of £50,000, 39 of £25,000, 98 worth £10,000 and 199 valued at £5,000.
How to buy Premium Bonds
You can buy Premium Bonds for yourself or for a child under 16 online here, or you can call NS&I free on 08085 007 007, from 7.00am to 10.00pm every day. You’ll need to have your debit card details ready.
Alternatively, you can apply by post at NS&I, Sunderland SR43 2SB, using an application form that you can find and print here.
Each Bond is £1, but you need to pay in a minimum of £25 for each investment. The maximum amount you can hold in Premium Bonds is £50,000.
If you think there is a chance that you could have Premium Bonds, but you are not sure, there is a tracking service on the NS&I website.
To check if you have any bonds you need to fill out a form with your personal details and send it off. If you do have Premium Bonds, then you will be contacted.
