Premium Bonds prizes announced next week – check if you’ve already won

Premium Bonds: Expert on chances of winning prize draw in May

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NS&I Premium Bonds have been a popular savings account since they were launched in the 1950s not least because they offer savers the chance to win up to £1million every month. The Government backed savings provider is increasing the prize rate fund from 1.40 percent to 2.20 percent from October, but thousands of Britons could be sitting on unclaimed cash from the last 50 years. Some £74million is unclaimed by prize winners – but the good news is there is no time limit to making a claim.

NS&I has announced it’s improving the odds of each £1 Premium Bond number winning a prize from 24,500 to one to 24,000 to one which should please fans of its savings accounts.

The changes come into effect in time for the next prize draw, with results to be announced early next week, but anyone who has ever bought Premium Bonds in the last 50 years should check old bond numbers to see if they could be sitting on unclaimed cash.

They could be owed anything from £25 up to £100,000 and there is no deadline for claiming so the money will still be available.

While winners are usually notified if they’ve won, £74million is still unclaimed because some people haven’t updated their details or checked their accounts.

The easiest way to check for an unclaimed prize is to go onto the NS&I website, but people can also ask Alexa or download the NS&I app.

Meanwhile, news that the savings provider has increased the prize rate has been welcomed by the Treasury.

Andrew Griffith, financial secretary to the Treasury said: “It’s great to see NS&I providing a boost to the nation’s savers – more than doubling the prize fund rate offered on its much loved Premium Bonds over the last six months.

“I look forward to working with Ian and the rest of the NS&I team in the months ahead, ensuring the organisation continues to deliver for both savers and the taxpayer.”

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This follows the recent increase in the Premium Bonds prize fund rate, which improved the odds of winning from 34,500 to one to 24,500 to one and saw an additional 1.4 million prizes paid out in the June 2022 prize draw.

NS&I Chief Executive, Ian Ackerley, said the interest rate rise will ensure NS&I Premium Bonds remain competitive.

He said: “NS&I is one of the largest savings organisations in the UK and we’re pleased to increase our interest rates, helping to ensure that more than 1.3 million savers across the country will see their savings nest eggs boosted.

“Increasing our interest rates means that our products are priced appropriately when compared with the interest rates offered by our competitors.”

One question that pops up frequently is “Is there a way to increase one’s chance of winning a top prize?”

With this latest prize rate increase, people will now have higher odds of winning.

The more Premium Bonds someone holds, the greater chance of winning they have.

Apart from that, everyone has as much chance as the next person as the numbers are drawn randomly, but some areas of the UK may seem luckier than others.

NS&I has confirmed that every bond has an equal chance of winning – no matter where it was bought.

On its website, it said: “Each £1 Bond number has an equal chance of winning, regardless of when or where it was bought.”

“Over 95 percent of eligible Premium Bonds have been bought since the year 2000.

“So even though Premium Bonds have been on sale for over 60 years, this is why newer Bonds seem to win more frequently.”

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