NS&I explains how to ‘increase chances of winning’ Premium Bonds £1m prize draw

Nearly 2.4 million NS&I Premium Bond prizes worth just over £80million are currently going unclaimed.

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.

The nearest thing Premium Bonds have to an interest rate is their annual prize rate, which is currently 4.65 percent.

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

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.

Premium Bonds do not get an interest rate so if a person does not win any prizes over time their investment will effectively drop in value because of inflation.

Prizes range from the £1million jackpot to £25. People often choose to use their winnings to buy more Bonds to increase their chances of winning in future.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.