Millions of Brits have invested in a savings account with National Savings and Investment (NS&I) and are buying Premium Bonds from as little as £1. There’s no interest earned with Premium Bonds; instead, your details are entered into a monthly prize draw. Holders of these bonds can win tax-free prizes between £25 and £1 million. Here’s a list of dates for all of the draws in 2022.
A staggering 21 million Britons have NS&I Premium Bonds – nearly a third of the UK’s population.
NS&I pay out two jackpots of £1 million each month.
But there are also plenty of other smaller prizes up for grabs if you haven’t bagged the big money prize.
To check if you’ve won simply go to the NS&I website here.
The draw for January has already taken place. Bond number 258VJ570205 from Hertfordshire and 127VF630970 from Lancashire scooped the top jackpots of £1 million each.
What are Premium Bonds?
NS&I Premium Bonds act a bit like a normal savings account as you can put money in and take money out when you want.
The amount of interest paid on your savings is decided by a monthly prize draw.
The minimum amount you will have to pay into your NS&I savings account is £25 and the maximum you can put in is £50,000.
The odds of winning are 34,500 to 1 (for every £1 Bond) the NS&I website reads.
Although NS&I describes Premium Bonds as “a fun way to save, with the chance to win tax-free prizes each month.”
They add that Premium Bonds may not be for you if you want a regular income, you’re looking for guaranteed returns, you’re concerned about inflation or if you want to save jointly with someone else.