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Each month, savers have the possibility to win huge prizes because the Premium Bonds successful numbers are introduced. There are actually 24 million individuals participating within the government-backed financial savings scheme, with greater than £127bn banked.
Premium bonds are an funding product from the Nationwide Financial savings and Funding (NS&I), which is owned by the federal government. Every month, hundreds of thousands of savers are entered right into a prize draw to win money prizes starting from £25 to £1 million, with two millionaires made at each draw.
Each £1 entered has a 22,000-to-one probability of successful. The minimal funding is £25, whereas the utmost is £50,000.
These financial savings don’t accrue curiosity as with common financial institution accounts, however are put up towards a random digital prize picker referred to as ‘Ernie’ – the Digital Random Quantity Indicator Gear.
The date of this month’s draw is Monday 3 November. The outcomes of this draw can be found a day later and launched by the NS&I right here.
What are the probabilities of successful with Premium Bonds?
There are various Premium Bond winners each month, however the precise probability of successful stays pretty low. Most individuals won’t ever win a prize, which means their funding will keep the identical. Nonetheless, the scheme can also be risk-free, which means cash gained’t be misplaced both.
Evaluation by cash skilled Martin Lewis discovered that the ‘rate of interest’ on Premium Bonds accounts is 4 per cent when all winnings are thought of – however notes most individuals gained’t see something like this. Many financial savings accounts within the UK additionally provide the next rate of interest than this, which will probably be much more constant.
The distribution of prizes adjustments barely each month. Right here have been the ends in January 2025:
How you can examine if you happen to’ve gained a Premium Bond prize
To examine if you happen to’ve gained a prize on Premium Bonds, you may go to the NS&I checker on its web site and enter your bond numbers.
There may be additionally an NS&I app which permits savers to examine outcomes on the go.
