Premium Bonds winner scoops £1million just months after buying bond | Personal Finance | Finance

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One of this month’s NS&I savers scooped the million-pound jackpot just months after buying the bond.

The Mid Scotland and Fife area winner bought the lucky bond, 553BS622775, in September 2023, making them the second jackpot millionaire from the Highlands and Islands.

This month marks the 30th anniversary of the £1million Premium Bonds jackpot, with its random prize-generator ERNIE awarding over 500 Bondholders the life-changing sum of money.

The £1million jackpot was first awarded in April 1994, to a Premium Bonds holder from Surrey.

Since then, the savings provider’s “Agent Million” has travelled around 222,000 miles to deliver the good news to 528 bondholders. The youngest winner was just three years old, while the oldest winner was 98 years old.

Andrew Westhead, NS&I retail director, said: “Celebrating the 30th anniversary of the Premium Bonds £1million jackpot is a testament to the love the nation has for this iconic way of saving, with over £30billion in prizes of all sizes being paid out since the draw started back in 1957.

“A huge congratulations to our 528 £1million jackpot winners over the last 30 years, including this month’s winners from London and the Highlands and Islands.

“At NS&I we couldn’t be prouder to bring excitement and opportunity to the nation’s savers every month, and we look forward to many more decades of Premium Bonds winners to come.”

How do Premium Bond prizes work?

NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100 percent security as NS&I is backed by HM Treasury.

To win prizes, savers must buy Premium Bonds and each investment must be at least £25. Winners are generated at random during a prize draw at the start of every month.

Prizes are tax-free and split into three value bands – higher, medium, and lower. Each band receives a percentage share of the monthly prize fund.

Prizes in the higher band range from £5,000 to £1million (only two of these can be won), while the medium and lower bands afford people the chance to win between £1,000 and £500, and £100 and £25, respectively.

The prize fund rate for Premium Bonds was reduced to 4.4 percent from the March 2024 draw. However, the odds of any £1 Bond number winning a prize remain the same at 21,000 to one.

How to check if you’ve won a Premium Bonds prize

Millions of pounds worth of prizes are still going unclaimed.

Lucky bondholders are typically notified when they win a Premium Bonds prize, however, some people may move or change their contact details without updating NS&I. This can lead to unclaimed prizes – especially for those who opt to receive prizes via cheque.

For people who already invest, the fastest way to check for unclaimed prizes is to use NS&I’s online prize checker or the NS&I prize checker app. Customers simply need their Premium Bonds holder’s number or NS&I number.

To prevent prizes from going unclaimed, customers are urged to ensure they constantly update NS&I with any changes to their details, such as their email address, phone number, name or address.

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