NS&I Premium Bonds: Can you increase your chance of winning the top £1million prize?

Premium Bonds: Expert discusses chances of winning prize draw

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One of the main reasons premium bonds have been popular savings accounts since they were first introduced, is the lure of winning £1million each month. But is there a way to increase one’s chance of winning a top prize?

More than 400 Britons have become millionaires since NS&I launched Premium Bonds in 1957.

In June 2022, the savings provider celebrated it’s 65th anniversary – with 4,823,067 prizes paid out to date.

As well as the two £1m bond winners, there were 10 winners of £100,000 and 19 people who won £50,000.

Another 39 people were celebrating after winning £25,000, while 99 people won £10,000 and 196 were £5,000 richer.

People have a one in 34,500 chance of winning the top prize in the NS&I premium bonds monthly draw.

Jill Waters, NS&I Retail Director, said recent changes will mean people have more chances of winning.

She said: “Firstly, we were pleased to announce the increase of Premium Bonds prize fund rate from one percent to 1.40 percent, effective from this month’s draw, which will see an extra 1.4 million prizes paid out.

“Premium Bonds have really changed over the years, with the first draw having 23,142 prizes and this month’s draw seeing a total of 4,823,067 prizes – a record number for a Premium Bonds prize draw.”

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The more Premium Bonds someone’s holds, the higher their chance of winning.

Apart from that, everyone has as much chance as the next person as the numbers are drawn randomly.

However, some areas of the country may seem luckier than others.

In 2020, the South West had six winners of the £1million jackpot.

This region scooped 25 percent of the £1million jackpot prizes even though residents owned just 12.9 percent of bonds.

Six people from this UK region won the £1million jackpot in March, May, August and September, as well as in December and November.

Meanwhile, an estimated £74million is still unclaimed in Premium Bond prizes.

Anyone who thinks they may have missed a prize should check the NS&I prize checker online, the official app or their Alexa-enabled device.

NS&I has confirmed each bond has an equal chance of winning – no matter when, or where, it was bought.

On its website, it said: “Each £1 Bond number has an equal chance of winning, regardless of when or where it was bought.”

“Over 95 percent of eligible Premium Bonds have been bought since the year 2000.

“So even though Premium Bonds have been on sale for over 60 years, this is why newer Bonds seem to win more frequently.”

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