Every month NS&I makes two new millionaires with lots more Premium Bond holders earning other cash prizes of between £25 and £1million. These savings accounts are popular because they are Government backed, allow people to withdraw cash at any time and give people the chance to win the jackpot prize of £1million pounds. So how can you become the next millionaire?
It’s a question that has confused many Britons, is there a way to boost one’s chances of winning the top prize?
Many will be eagerly awaiting the next NS& I Premium Bond draw which will announce that month’s winners on February 1, 2022.
This is the next time people will find out if they have won anything between £25 and the £1million jackpot.
After that people will have to wait until the beginning of March, but is there anything people can do now to maximise their chances of winning?
READ MORE: HMRC tool helps Britons work out how much Capital Gains Tax is due
Another misconception is that some parts of the country are luckier than others.
One part of the UK produced more millionaires than any other last year – the south west.
Over the last year six people from the South West won the top £1million prize.
West Country winners were announced in September, August, May and March 2021, as well as December and November 2020.
In addition, women are also said to be luckier as 70 percent of all winners have been female.
However the only real way to improve one’s chances is to own as many £1 Bonds as possible – without busting the budget.
The minimum bond someone can hold is £17, however savers are able to purchase up to a maximum of £50,000.
Meanwhile, £74million is still unclaimed in NS&I Premium Bonds prizes since the savings accounts were first introduced in the 1950s.
So it’s an idea to log onto the NS&I Premium Bonds prize checker to check for previous winnings.
Alternatively, anyone can use the official NS&I Premium Bonds prize checker app or Alexa-enabled device.
To check, customers will need their Premium Bonds holder’s number and their NS&I number or holder’s number.
Although these accounts are popular with many, some experts say there are better ways to make the most of one’s savings.
There’s no interest earned with Premium Bonds instead interest is earned by being entered into the monthly prize draw.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.