NS&I shares how Britons have 'more chance of winning' Premium Bonds £1million jackpot
Premium Bond holders are automatically enrolled into a monthly prize draw where they have the opportunity to win a £1million jackpot prize.
NS&I has shared how Britons can boost there chances of securing £1million jackpot each month. The next premium bonds prize draw will take place on April 3.
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There are other cash prizes up for grabs, including £100,000, £50,000 or £25,000, with the smallest prize being £25.
Overall, a record £330million is to be paid out in prizes in March 2023’s prize draw thanks to the increase in the prize fund rate to 3.30 percent by NS&I.
This is the highest rate in over 14 years, and the fifth increase in the prize fund rate that the financial institution has made.
On their website, NS&I has shared how Britons can boost their chances of winning.
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They state: “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.”
The company uses a machine to generate the number for each prize draw, commonly known as ERNIE, standing for Electronic Random Number Indicator Equipment.
This machine generates numbers completely at random in order to keep the process as fair as possible.
The numbers are then matched to the Premium Bonds database of eligible holders to determine the winners for that month.
NS&I added: “The only thing that can increase your chances of winning is holding more Premium Bonds.
“But holding them in sequence won’t make any difference.”
Anyone who wins money on Premium Bonds is usually notified by the Government-backed savings organisation via text, email or post.
Alternatively, people can check the Premium Bonds prize checker service available on its website.
To access this, customers need to enter their bond number which is either nine or 10 digits, or a letter followed by eight digits.
NS&I’s prize checker app is also an option and is available to download on Google Play and the App Store.
Alternatively, potential winners can check if they have won on the NS&I website by logging into their account which has recently introduced two-factor authentication.
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To log on, Premium Bonds holders must have their number, surname and account password on hand.
After entering their information, customers will now receive a one-time passcode to their mobile phones as part of an extra security check.
Jill Waters, NS&I Retail Director, encouraged customers to make sure their contact details were up-to-date so they can be informed of their winnings.
She said: “Since the first ever Premium Bonds draw in 1957, we’ve now paid out a staggering £25.1billion in prizes.
"That’s an impressive milestone, and shows why Premium Bonds continue to be so popular with so many people.
“Could you be a jackpot winner next month? Make sure all your contact details are up to date, including your address – you never know, one of our Agent Millions might be knocking on your door soon to deliver the life-changing news.”
