National Savings and Investment (NS&I) has revealed how savers can increase their chances of winning a cash prize of up to £1million in future prize draws.
One question on everyone’s lips is ‘is there a way to increase my chances of winning the premium bonds?’
NS&I says the only way of improving one’s chances of winning a cash prize is to buy more bonds, although people are reminded to only buy what they can afford.
The odds of winning are 34,500 to one for every £1 Bond.
That’s compared to 1 in 45,057,474 odds of winning the National Lottery jackpot.
READ MORE: Halifax customers are in with even more chances to win £100,000
NS&I Premium Bonds savings accounts have been popular since the 1950s.
One reason is they give people the chance to win a jackpot prize of £1million every month.
While two lucky Britons woke up £1million richer on May 2, millions of other Premium Bonds holders have won 3.3 million Premium Bonds prizes this month.
Premium Bonds holders have won 3.3 million Premium Bonds prizes this month.
This month’s jackpot winners came from Greater Manchester and the London borough of Wandsworth with winning bonds bought in September 2016 and June 2003.
Worth between £25 and £100,000, Premium Bonds holders can check to see if they have won a prize in May’s prize draw by using the nsandi.com prize checker.
Alternatively, they can use the official prize checker app or their Alexa-enabled device to check results.
This will also enable them to check unclaimed prizes dating back to the first prize draw in the 1950s.
NS&I premium bonds offer savers a number of benefits including:
What are the chances of winning?
34,500 to one (for every £1 Bond)
What’s the interest rate?
1.00 percent (annual prize fund rate)
What’s the interest rate?
1.00% (annual prize fund rate)
Will you pay tax?
No. All prizes are tax-free.
What’s the minimum people can pay in?
£25
What’s the maximum savers can pay in?
£50,000.
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