Key Highlights
- January’s NS&I draw date is on Friday 2 January.
- The results of the draw are released a day later by the NS&I website.
- There are now 24 million people participating in the Premium Bonds scheme, with over £127bn deposited.
- Each month, millions of savers enter into a prize draw to win cash prizes ranging from £25 to £1 million.
The Thrilling World of Premium Bonds: How It Works and Your Chances of Winning
Premium Bonds are an intriguing investment product that has garnered significant interest among savers. As the month approaches, excitement builds around the January draw, which is scheduled for Friday 2nd January. This article will delve into how to check if you’ve won a prize, along with details on the scheme and your chances of landing a hefty sum.
How Premium Bonds Work
Premium bonds are an investment product offered by the National Savings and Investment (NS&I), which is owned by the UK government. Unlike traditional savings accounts that accrue interest, these savings are put up against a random digital prize picker called ‘Ernie,’ the Electronic Random Number Indicator Equipment.
Your Chances of Winning
The likelihood of winning with Premium Bonds remains fairly low, but the excitement lies in the potential for huge payouts. Each £1 invested has a 22,000-to-one chance of winning. The distribution of prizes changes slightly every month, as demonstrated by recent results:
- £1 million: 2
- £100,000: 82
- £50,000: 163
- £25,000: 328
- £10,000: 818
- £5,000: 1,636
- £1,000: 17,163
- £500: 51,489
- £100: 1,987,844
- £50: 1,987,844
- £25: 1,803,871
The distribution of prizes can be a bit overwhelming, but it’s important to remember that the majority of savers will not win a prize. The scheme is risk-free, meaning you won’t lose your initial investment.
Checking if You’ve Won
To check whether you’ve won a Premium Bond prize, you can visit the NS&I website and enter your bond numbers. Alternatively, there’s an NS&I app that allows savers to check results on the go. This ensures that you don’t miss out on any potential winnings.
Conclusion
The January draw is just around the corner, and with over 24 million people participating in the Premium Bonds scheme, there’s always a chance of winning big. Whether you’re a seasoned saver or new to the product, understanding how it works can help you make informed decisions about your financial future.
