Premium Bonds prize draw: All you need to know

Wondering if you've won a prize in the latest Premium Bonds prize draw? Here's how to check, plus everything else you need to know about the popular savings account.

Premium Bonds are a type of savings account offered by the government-backed National Savings and Investments (NS&I). They offer the chance to win tax-free prizes every month, with a top prize of £1 million.

How do Premium Bonds work?

When you buy Premium Bonds, you're essentially lending money to the government. In return, you're entered into a monthly prize draw. Each bond has a unique number, and the winning numbers are drawn at random by a computer.

How much do Premium Bonds cost?

Each Premium Bond costs £1. You can buy as many or as few as you like, up to a maximum holding of £50,000.

What are the odds of winning a prize?

The odds of winning a prize in any given month are 24,500 to 1. However, the more bonds you hold, the more likely you are to win.

What prizes can you win?

There are a range of prizes available, from £25 to £1 million. The most common prize is £25, which is won by around 1 in 4 bonds every month.

How do I check if I've won a prize?

You can check if you've won a prize by logging into your NS&I account or by calling the NS&I helpline on 08085 007 007. You can also use the Premium Bonds prize checker on the NS&I website.

What happens if I win a prize?

If you win a prize, the money will be paid directly into your bank account. NS&I will usually send you a letter to let you know that you've won.

Are Premium Bonds a good investment?

Whether or not Premium Bonds are a good investment depends on your individual circumstances. They offer the chance to win tax-free prizes, but the odds of winning are quite low. If you're looking for a guaranteed return on your investment, then Premium Bonds may not be the best option for you.

How do I buy Premium Bonds?

You can buy Premium Bonds online, over the phone, or by post. You'll need to provide your personal details and bank account information.

Is there a minimum age to buy Premium Bonds?

Yes, you must be at least 16 years old to buy Premium Bonds.

Can I buy Premium Bonds for someone else?

Yes, you can buy Premium Bonds for someone else, such as a child or grandchild. You'll need to provide their personal details and bank account information.

What are the tax implications of winning a Premium Bond prize?

Premium Bond prizes are tax-free. This means that you don't have to pay any income tax or capital gains tax on your winnings.