National Savings and Investment (NS&I) has announced the details for the Premium Bonds winners for this month with two lucky individuals in line to take home £1million each.
The financial institution will outline more details about the winning bond holders later this week but Britons can check NS&I's website to see if their bond number has been picked in the prize draw.
What is Premium Bonds?
Unlike typical savings accounts, Premium Bond holders do not receive a set interest rate in a traditional fashion.
Those who take advantage of the NS&I product are enrolled into a prize draw where they have the opportunity to win prizes of up to £1million.
Prize winners are called every month with two Premium Bond savers receiving the top £1million prize.
Those who do not get this amount could still get sizable lump sums worth £25,000, £50,000 and £100,000.
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People using the NS&I prize checker app will need to have their NS&I number or holder's number NS&IWho won the Premium Bonds £1million prize?
According to the NS&I website, a bond holder with the number 286HQ028274 is one of two to pick up the grand £1million prize.
While not named, this individual is from Hertfordshire and purchased their bond in November 2016. Their bond was valued at £13,500 with an overall holding of £50,000.
The second winner of the £1million prize is from Cumbria with the bond number 474HX772350.
This bond was purchased in October 2021 and is valued at £50,000, which is the the same amount as their overall holding.
Who else won Premium Bonds cash?
As mentioned, there are other amounts of money that can be won through the popular savings product.
Here is a breakdown of how many people won the other lump sums up for grabs:
- £1million - 2
- £100,000 - 71
- £50,000 - 141
- £25,000 - 284
- £10,000 - 590
- £5,000 - 1,177
- £1,000 - 12,573
- £500 - 37,719
- £100 - 1,280,509
- £50 - 1,280,509
- £25 - 2,376,161
Despite the popularity of Premium Bonds. experts have warned that there are certain pitfalls to the savings product.
Sarah Coles, the head of personal finance at Hargreaves Lansdown, explained: "In an average year, the average saver with £1,000 of bonds and average luck will win nothing.
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NS&I has announced some details about this month's Premium Bonds prize winners GETTY"These bonds don’t pay any interest, so without above-average luck, your savings will be losing spending power when you take inflation into account.
"Of course, the larger your pot, the higher the chance of winning as its more likely NS&I will pick your bond number.
If you’re working age and have three to six months’ worth of essential expenses in these bonds for a long period, it can erode the spending power significantly.
"It means you could end up having to top it up."