National Savings and Investment (NS&I) has confirmed details for the Premium Bond winners for March 2025 ahead of next month's prize fund rate cut.
Unlike regular savings accounts, bond holders do not receive additional interest but are instead enrolled into a prize draw to have the opportunity to win tax-free prizes of up to £1million.
Who won the £1million Premium Bonds prize?
Every month, two lucky individuals receive the top prize amount of £1million from NS&I's lottery.
The first £1million Premium Bonds winner this month is from Cumbria. They had the Winning Bond number 408VD714629.
The Bond value purchased was £35,000 in August 2020. This winner had an overall holding of £35,000. They become the eleventh jackpot winner from Cumbria.
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NS&I has announced details about the new £1million Premium Bonds prize winners for the March 2025 draw
GETTYJoining this millionaire is the second prize winner from Cleveland, North Yorkshire with Bond number 540HZ735699.
The winner holds just £100 in Premium Bonds and obtained their winning Bond in May 2023. They are the third Premium Bonds jackpot millionaire from Cleveland.
Savers can find some details about the high value winners on NS&I's website now, and the Premium Bonds prize checker will be updated tomorrow.
Andrew Westhead, NS&I Retail Director, said: "Spring is definitely in the air for our two jackpot winners from Cleveland and Cumbria this month. The Cleveland winner's story is particularly exciting, with just £100 invested in Premium Bonds in 2023. It just shows that every £1 Bond has an equal chance of winning the £1 million jackpot.
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“This is the second smallest holding ever to win the £1 million jackpot. The smallest holding ever to win was £17 back in July 2004 with the winning Bond purchased in 1959.
“It’s not just about the £1 million jackpots though. Thanks to ERNIE we’ve drawn 5.9 million prizes worth over £430 million this month.”
Unlike traditional savings accounts, NS&I's signature product does not have a set interest rate attached to it. Instead, customers are enrolled in a prize draw which could see them win regular sums of money.
Among the cash prizes up for grabs include £100,000, £50,000 and £10,000. The total number of prizes available is 5,902,600.
Unlike other savings accounts, Premium Bonds don’t pay interest. Instead, they offer the security of savings backed by HM Treasury with the excitement of potentially winning tax-free prizes.
How many prizes are up for grabs in the March 2025 draw?
- £1million - 2
- £100,000 - 83
- £50,000 - 164
- £25,000 - 331
- £10,000 - 825
- £5,000 - 1,652
- £1,000 - 17,314
- £500 - 51, 942
- £100 - 2,005,300
- £50 - 2,005,300
- £25 - 1,819,687
For those looking to build a savings habit in 2025, Premium Bonds offer an accessible way to start.
With a minimum investment of £25, each £1 Bond is entered into a monthly draw where savers have the chance to win tax-free prizes ranging from £25 to £1 million.
Checking prizes
Premium Bonds holders can check if they’ve won a prize in the March draw from Tuesday 4 March by visiting the NS&I website, using the prize checker app, or asking Alexa.
To check for prizes using the NS&I website, Bond holders will need their Premium Bonds holder’s number. For the app, either a Premium Bonds holder's number or an NS&I number will work. People can also check for unclaimed prizes.
This month's prize draw follows the announcement that the NS&I Premium Bonds prize fund rate will be cut next month.
NS&I; is reducing the Premium Bonds prize fund rate in April 2025
NS&I; | GETTYThe prize fund rate will be reduced from four per cent to 3.8 per cent from the April 2025 prize draw. However, the odds of winning will remain the same at 22,000 to 1.
From Wednesday March 5, 2025, the interest rate for Direct Saver will change from 3.5 per cent to 3.3 per cent gross/AER.
For Income Bonds, the current interest rate is 3.44 per cent gross/3.49 per cent AER, which will decrease to 3.26 per cent gross/3.30 per cent AER.
However, as many savers are reviewing their ISA plan, NS&I has increased the interest rate on their account before the tax year ends.
From February 18, 2025, the interest rate for NS&I’s Direct ISA increased to 3.50 per cent AER, up from three per cent AER.
