The premium bond winners have been announced for the month of May, with people across the country receiving welcome news that they have extra cash at their disposal.
With a total fund of over £98m and over 3.4m prizes given out, chances are you’ll be one of those lucky winners.
Two people, one from Greater Manchester and another from Wandsworth, received the £1m top prize – not a bad way to get over this week’s humpback day.
The lucky winner from Wandsworth secured his money with just £1,000 of bond value. Six other people walk away with an extra £100,000 in their pockets.
What are premium bonds?
Premium bonds are a type of investment offered by National Savings and Investments (NS&I), where rather than earning interest, you are entered into a raffle.
Normal savings accounts see holders pay dividends on their investments, but with premium bonds, that money is used to fund the lucky winners’ prize money.
Did I earn premium bonds?
The quickest and most efficient way to find out if you’ve won on Premium Bonds is to log into the NS&I website.
From there, you’ll want to find the Prize Checker, which will allow you to see any wins you may have won or have historically.
The prize checker is updated on the first day of each month and will include your winnings from the last six draws, as well as any previous winnings that you have not yet claimed.
In order to access your price checker account, you will need to know your NS&I number, username and password.
Don’t worry if you forgot them, as there are tools available to help you recover anything you may have lost.
There’s also a handy prize checker app that lets you see if you’ve got any winnings on the go.
How do I enter premium bonds?
You can purchase Premium Bonds online through NS&I’s secure online payment system. All you need is your debit card.
NS&I is designed to offer a different way to save money.
Premium bonds are just one option offered by the organization and offer a fun way to save money that keeps alive a glimmer of hope that that dream cash might be within reach.
The maximum you can invest is £50,000, but you can invest as little as £25.
NS&I suggests this is probably not the best savings option for you if:
- You want regular income
- You are looking for guaranteed returns
- You are concerned about inflation
- You want to save together with someone else
What are the odds of winning Premium Bonds?
The odds of winning premium bonds are 34,500 to 1 for every pound invested.
There is 1% interest, but rather than taking it out yourself, it goes into the pot for the prize money. All payments are tax free.