Premium Bonds players are looking forward to the first results since the NS&I increased its prize to the highest extent since March 1999.
National Savings and Investments has said the prize draw will rise 4.65 per cent for the September giveaway — the highest figure in 23 years.
In addition, the odds will improve from 24,000/1 in July to 21,000/1, with £66 million added to the prize fund.
There could be 5,785,904 prizes up for grabs in September and a potential total pot of more than £470 million.
Dax Harkins, NS&I chief executive, said: “Premium Bonds are one of the nation’s favourite savings products, so increasing the prize fund rate to its best level since 1999 and improving the odds means that more people will have the chance to win prizes each month.”
Find out below how Premium Bonds work and how to check if you’ve won anything this month.
How do Premium Bonds work?
Every month, NS&I’s random number generator will select winning Premium Bond holder numbers.
The odds of winning a prize are 24,000 to one for every £1 bond.
These winners will receive prizes ranging from £25 to £1 million, tax-free.
How many Premium Bonds can I buy?
The minimum number of Premium Bonds someone can buy is £25, while the maximum is £50,000.
Each bond is worth £1.
NS&I Interest Rates
NS&I’s interest rate on Premium Bonds is 4.65 per cent.
What are the prizes on Premium Bonds?
Every month, two holders will win £1 million.
The rest of the prizes are worked out depending on the rest of that month’s balance, after the two £1 million prizes.
There will be a number of higher-value band prizes, worth £100,000, £50,000, and £5,000.
There will also be a number of medium-value band prizes of £1,000 and £500.
The lower-value band prizes are £100, £50, and £25.
How to cash in Premium Bonds
You can cash in either some or all of your Premium Bonds online. You’ll need your holder’s number and bank account details or, if you have an account, you can simply log in.
When is the next Premium Bond prize draw?
The next Premium Bond prize draw will be held on Friday, September 1.
Bonds are always drawn on the first of the month unless it is a weekend.
How to check if you’ve won
You can use NS&I’s prize checker to see if you’ve won anything in the most recent draw, as well as draws in the past six months and older draws.
How are Premium Bond winners notified?
NS&I will notify winners via email or text. If you opt to have your prize transferred to your bank account, you’ll receive it by the seventh working day of the month.
Alternatively, you can choose to have your prize reinvested into more bonds.