Premium Bonds: NS&I prize draw imminent – how to check and claim a prize

Premium Bonds have offered many Britons both a safe savings method, and the opportunity to potentially win big. It is estimated some 21 million people own bonds across the country, and everyone could be in with a chance to win. The system is operated by NS&I, otherwise known as the National Savings and Investments company, backed by the government.

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This means any money deposited into a Premium Bond is 100 percent safe, as the Treasury itself would have to go bust for money to be lost. 

A lottery bond system, the more Premium Bonds purchased by any one individual, the more likely it is they could win. 

Any Premium Bond owner is only gambling the interest and not any other funds, so this is often a method taken up by many. 

And the current odds of any £1 Bond number winning any prize stand at 24,500/1. 

But for those who are hoping to become one of the month’s two lucky millionaires, or win another prize, there are certain ways to check.

The company has developed a prize checker tool, allowing bond holders to check their specific numbers.

This can be accessed online in a quick and easy process for savers.

All bond holders will need to do is enter their bond number, with the hard work done for them by the tool. 

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This tool is accessible online, through smartphones, and even through Amazon Alexa.

This means it is quick and easy to see if a person has won any prize at all, including the lucky £1million.

People should also expect to be contacted by post, email or text message, so there is extra reassurance they will not miss their prize. 

Once a person knows they have been lucky enough to win, there are three ways to claim a prize. 

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The first is that a prize can be paid directly into a bank account, ideal for those already registered for NS&I’s online and phone service.

Secondly, prizes may be paid by post in some instances, where NS&I may post a warrant, similar to a cheque, which can then be taken to a bank to receive. 

Finally, savers may choose to reinvest their prize into more Bonds, which can be done either through the company’s online portal, or through the automatic reinvestment form.

At present, to invest in a Premium Bond, the minimum holding is £25, and the maximum is £50,000.

The annual prize fund interest rate stands at 1.40 percent.

NS&I says this form of saving is perfect for those who want a chance to win, as well as people who want to make the most of tax-free investment opportunities.

Furthermore, the bonds can also be purchased as a gift for a child under 16. 

This could be perfect for older savers who wish to secure a potentially large saving for their children or grandchildren. 

There is no notice, and no penalty for wanting to withdraw from Premium Bonds saving, with access available online, by phone or by post for savers. 

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