Premium Bonds prize draw looms – when Bonds become eligible explained ahead of May 2020

Premium Bonds may not be for everyone, such as those looking for guaranteed returns or a regular income on their savings. However, some may be opt to buy Premium Bonds, and those who do could potentially be selected for a prize in the monthly prize draws.

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The odds of winning for each £1 Bond number is 24,500 to one.

While the odds were due to change from May 2020, plans to cut the annual prize fund interest rate has since been cancelled, due to the ongoing coronavirus (COVID-19) crisis.

Some people may have opted to buy Premium Bonds recently.

The minimum that a person can invest is £25, while the upper limit is £50,000 per person.

Anyone aged 16 or older can buy Premium Bonds, and they can do this either for themselves or for a child under the age of 16.

As the May 2020 prize draw looms, some people may wonder when the Bonds go into the draw.

National Savings and Investments (NS&I) explains when this happens, on its website.

NS&I says: “Your Bonds become eligible for the draw one full calendar month after you buy them.

“So when you buy Bonds in November, they’ll be in every draw from January.”

This means that those who have bought Premium Bonds in April will not see them being eligible for the May 2020 prize draw.

Rather, they will need to wait one full calendar month in order for this to happen.

It’s possible to buy Premium Bonds in a variety of ways, however each investment must be at least £25, and in whole pounds.

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Should a person, or a child they’re buying them for, already have some Premium Bonds, they can buy more by bank transfer, and this includes standing order.

Another option is to buy them online, on the NS&I website.

Alternatively, they could be bought by phone or by post.

However, people who are buying Bonds for someone else’s child cannot do this via the telephone.

In the April 2020 draw, there were in excess of 3.5 million prizes.

The total prize fund for the latest monthly draw was more than £100million.

Among them were two winners of £1million jackpot payouts.

While their details have been kept under wraps, some particular information about them has been revealed.

These are that one jackpot winner is male from Hertfordshire, while the other is female and from Essex.

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