Premium bonds can be bought through a number of routes which can include online, by phone, by post or by switching money from another NS&I account. Bonds bought in one month will be placed into the following month’s draw.
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This monthly draw can provide monthly bond holders with a chance to win a price ranging from £25 to £1million, with all of the winnings being free from tax.
For every £1 invested, a person will be given a unique number and the more numbers they have, the bigger their chances are of winning a prize.
Currently, people can hold a maximum of £50,000 worth of premium bonds.
Premium bonds must be held for at least a month before they’re eligible for the prize draw but once they qualify, they’ll take part in each month’s draw so long as the bonds are still held on the first day of each month.
NS&I have a prize checker on their website which allows premium bond holders to keep track of their holdings and see if they’ve won.
This prize checker is normally updated with the latest results by the second working day of each month.
This means that August’s winners will be revealed next week, likely on Monday or Tuesday.
Each month two lucky winners are made millionaires but it should be noted that other bond holders can win very high prizes.
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Every month, a large number of bond holders will win “high value” prizes which can range from £5,000 to £100,000.
The prize checker is not the only tool that people can use to check on their winnings.
NS&I will inform winners by email, text or post and bond holders can choose how they’ll receive their payments.
Bond holders can have NS&I automatically reinvest any prizes into more bonds which will increase their chances for winning bigger payouts.
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Savers can have their premium bonds cashed in whenever they wish.
Premium bonds are valued at £1 each and as such the same monetary amount will be paid out.
This request can be made online or by phone but NS&I will decide on which specific bonds are liquidated.
They normally cash in a person’s oldest premium bonds first.
NS&I, like many financial institutions, have had to adapt to coronavirus in recent months.
Winners of the £1million grand prize would normally be visited by the “agent million” who would inform them of their success.
However, these physical visits have had to be scrapped due to lockdown rules.
Instead of the usual visits, the agent million will contact the jackpot winners by phone.
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