NS&I explains how to increase 'chances of winning' £1million jackpot as prize draw nears

As the cost of living crisis continues, Premium Bonds savers may be looking for ways they can catch their big break and win some extra cash in the prize draw.

With monthly prize figures ranging anything between £25 and £1million, it could pay for people to check their numbers to see if they’re owed anything – as some forgotten Bonds are worth thousands.

On their website, NS&I has shared how Britons can boost their chances of winning.

It states: “Instead of gaining interest, every £1 saved in your Premium Bonds gives you the chance every month to win tax-free prizes.

“The more you save (up to the maximum of £50,000), the more chances of winning you have! Prizes range from £25 to two £1million jackpots every month.”

Premium Bonds odds will improve to 21,000 to one – the best level since the April 2008 prize draw – in Septembers upcoming £1million prize draw.

Premium Bonds prize draw is at the beginning of the month (Image: GETTY)

The Premium Bonds prize fund rate is set to increase to 4.65 percent from four percent, the highest level since March 1999.

This means more people will have the chance to win cash prizes each month.

Each month, two lucky Britons have the chance to win £1million in the NS&I Premium Bonds prize draw.

Premium Bonds are backed by the Government, so money held in the accounts is safe. Prizes range from £25 to £1 million and are all tax-free.

On their website, NS&I has shared how Britons can boost their chances of winning.

According to NS&I, the odds of winning at least £25 – the lowest prize possible – are one in 21,000.

However the savings giant announced that the prize fund rate will be reduced, from 4.65 percent to 4.40 percent from the March 2024 draw.

The odds of winning will remain the same at 21,000 to one, but the number of prizes available will reduce.

The interest rate describes the ‘average’ payout, but it’s just a vague watermark.

A person can check if they have any unclaimed prizes from any prize draw using the prize checker tool on the NS&I website or via the app.

The winners for the January draw for Premium Bonds was announced at the beginning of the month.

The first winner is from Warwickshire and they previously held £20,083 in Premium Bonds. They bought their winning Bond 546JZ698132 in July 2023.

The second £1million winner comes from Nottingham and holds winning Bond number 352SX574068.

They purchased the Bond in February 2019 and they previously had £49,575 invested in Premium Bonds.

Each £1 Bond has an equal chance of winning in the monthly draw. One of the £100,000 prize winners previously had just £200 in Premium Bonds.

Premium Bonds are operated by NS&I and backed by the Treasury, meaning the capital invested remains safe.

Winners are chosen at random so savers should note there is no guarantee they will ever win a prize.

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