As the cost of living crisis continues, many will be wanting to make the most of their money.
Premium Bonds may be a way to do just that – as the savings scheme offers a monthly prize draw that could potentially boost your bank balance.
The bonds, from National Savings & Investments (NS&I), don’t give you interest on your savings – but do give you the chance to win tax-free money each and every month.
It could be a smaller win of £25 up to bigger cash prizes of £5,000, £10,000 or a cool £1 million.
So, when is the monthly prize draw for August – and how can you find out if you’ve won?
Here’s all you need to know.
When is the August Premium Bond prize draw?
The next Premium Bond prize draw will take place on Tuesday, August 1.
For the rest of 2023, you can expect the draws to take place early each month, on the following dates:
- Friday, September 1
- Monday, October 2
- Wednesday, November 1
- Friday, December 1
How to check the Premium Bond prize winners
Use the NS&I online prize checker to see if the Premium Bonds you hold have won anything.
Note you will need to hold an account to log in and see the prizes – as you must input your unique holder’s number to the online checker.
NS&I also has a Premium Bonds Prize Checker app you can download for iOS or Android devices.
If you’ve won, you should also be contacted about your prize – and there’s no deadline to make a claim.
NS&I confirms on its website: ‘You never need to worry about an unclaimed prize. We’ll hold on to it until you get in touch with us. And there’s no time limit to make your claim.’
How do Premium Bonds work?
Essentially, Premium Bonds are a unique type of savings product from NS&I.
You can buy Premium Bonds with a minimum payment of £25, or pay as much as £50,000.
Instead of earning interest on your money like a typical savings account, the interest gathered is used to fund a monthly prize draw – which you are entered into automatically.
If your bond is chosen to win, you could win a small sum or even as much as £1 million.
And while, statistically, the odds might suggest you aren’t going to win with a smaller investment, the June 2023 prize draw showed that someone with a £2 bond won £10,000.
To enter into the next monthly prize draw, you must have held onto any bonds for a full calendar month.
So, for example, if you buy £100 worth of bonds in mid-August, your next eligible prize draw won’t be until October.
And if you decide that you’d rather take your money out and have it ready to spend, there are no withdrawal charges or fees to worry about – as the NS&I website assures you can cash in your bonds at any time.
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