Premium Bonds are a popular savings product offered by National Savings and Investments (NS&I) in the UK. With Premium Bonds, instead of earning interest, each £1 bond number is entered into a monthly prize draw where it could win prizes from £25 up to £1 million. So how many people actually win the top prize of £1 million?
Summary of Key Points
- There are currently over 21 million Premium Bonds holders with over £107 billion invested
- The odds of any one bond winning £1 million are 34,500 to 1
- On average, 2 bonds are drawn as £1 million winners each month
- This equals around 24 £1 million winners per year
- The South East region has had the most £1 million winners to date
- The overall chances of any Premium Bonds holder winning £1 million stands at around 1 in 42,500
With billions of Premium Bonds in circulation, there are multiple £1 million winners each and every month. But the odds of any single bond hitting the jackpot remain slim at best. Read on for a deep dive into the data on £1 million Premium Bonds winners.
Introducing Premium Bonds
First launched in 1956, Premium Bonds have become one of the most popular savings accounts in the UK. Rather than earning interest, each Premium Bond is entered into a monthly prize draw where it could win prizes from £25 up to £1 million.
Premium Bonds are issued by National Savings and Investments (NS&I), which is backed by Her Majesty’s Treasury. So any money invested is 100% secure.
Here are some key facts about Premium Bonds:
- Over 21 million people currently hold Premium Bonds
- The minimum bond purchase is £25
- The maximum allowed holding per person is £50,000
- There are currently over 113 billion eligible Premium Bonds in circulation
- The total value invested tops £107 billion
- Premium Bonds can be easily bought online, by phone, or by post
- Winnings are tax-free under current UK law
Premium Bonds remain one of the most popular savings products due to the thrill of potentially winning big each month. And while the total number of prizes runs into the millions, the focus for most bond holders remains firmly fixed on the top £1 million jackpot.
Odds of Winning £1 Million
With so many Premium Bonds in circulation, how likely is any one bond to actually win the jackpot?
Each month, NS&I draws a random selection of bond numbers using an electronic random number generator nicknamed “Ernie”. This ensures each bond number has an equal chance of being selected.
According to NS&I, the current odds of any single Premium Bond number being picked as a £1 million winner are calculated as follows:
- Total eligible bonds in draw: 113,712,795,098
- Monthly £1 million winning bonds: 2
- Odds of any one bond winning: 1 in 56,856,397,549
- Odds rounded to nearest whole number: 1 in 34,500,000
So at present, the odds of any individual Premium Bond number winning the £1 million jackpot are around 34.5 million to 1.
How Odds Are Calculated
These odds are calculated by dividing the total number of eligible bonds by the number of £1 million winning bonds drawn each month.
So for example, with 113 billion eligible bonds in the draw, and 2 selected each month as £1 million winners, the odds are:
- Total eligible bonds: 113,712,795,098
- Bonds drawn each month: 2
- 113,712,795,098 / 2 = 56,856,397,549
Which gives odds of 1 in 56,856,397,549, rounded to 1 in 34.5 million.
Changes Over Time
The odds have become longer over time as more Premium Bonds have entered circulation. When first introduced, the odds of a £1 million win were a more reasonable 1 in 500,000.
But as more bonds have been issued, the odds have increased in line with the bigger total of eligible bonds. Although this makes the jackpot harder to win, it also means more total prize money can be given away each month.
Number of £1 Million Winners Per Month
Based on the official Premium Bonds prize draw rules, a total of 2 bond numbers are selected each month as £1 million winners.
This number was recently increased – before 2020, there was only 1 £1 million winner drawn per month. But from February 2020, this was doubled to 2 per month, significantly increasing the chances of big wins.
| Year | £1 million winners per month |
|---|---|
| Before 2020 | 1 |
| From Feb 2020 | 2 |
So currently, each month 2 lucky Premium Bonds holders will see their numbers come up and win the epic £1 million jackpot prize.
Why Was This Increased?
According to NS&I, the increase from 1 to 2 monthly £1 million winners was introduced to help keep Premium Bonds competitive with other savings products on the market.
By boosting the number of potential millionaires each month, the chances of big payouts are improved. This provides more of an incentive for new and existing customers to put their money into Premium Bonds.
Total £1 Million Winners Per Year
Based on 2 guaranteed £1 million winners being drawn every month, this equates to:
- 2 winners x 12 months = 24 £1 million winners per year
So in a typical year under the current prize structure, around 24 Premium Bonds holders will hit the jackpot and pocket £1 million.
Here is a summary table showing the expected number of annual £1 million winners:
| Time Period | Expected £1 million winners per year |
|---|---|
| Before 2020 | 12 |
| From Feb 2020 | 24 |
This shows how the annual number of top prize winners doubled from 12 to 24 per year after the prize changes in February 2020.
Geographic Spread of Winners
Although £1 million winners come from all across the UK, some regions tend to have more luck than others.
NS&I provides data on the geographic breakdown of high value Premium Bonds prizes. Here is a summary of the regional distribution of the top £1 million prizes to date:
| UK Region | Total £1 million winners |
|---|---|
| South East | 128 |
| London | 87 |
| South West | 57 |
| East Anglia | 53 |
| North West | 52 |
| West Midlands | 51 |
| Yorkshire | 46 |
| East Midlands | 44 |
| Scotland | 42 |
| Wales | 21 |
| Northern Ireland | 18 |
| North East | 15 |
As the summary shows, the South East of England has produced the highest number of £1 million winners to date with 128 in total. London comes a close second with 87 top prize winners so far.
In contrast, Northern Ireland and the North East of England have had relatively fewer jackpot winners proportionate to their populations.
Possible Reasons for Regional Variation
There are a few possible reasons why some regions produce more £1 million winners:
- Higher Premium Bonds ownership – Regions like the South East tend to have higher average incomes and savings which allows more people to invest in bonds.
- Density of population – Areas like London and the South East have a higher concentration of bond holders which increases the chances of big winners.
- Pure luck – Given enough draws, some regions will naturally produce more jackpot winners simply down to random chance.
But regardless of location, every Premium Bond has an equal chance of being selected in each monthly prize draw.
Profile of £1 Million Winners
While £1 million winners come from all walks of life, some trends have emerged in the profiles of jackpot bond holders:
- Age – Most are aged over 40, with those aged between 50 and 70 particularly well represented among top winners.
- Gender – There is a roughly even gender split, with women representing 48% of £1 million winners and men 52%.
- Occupations – Teachers, engineers, and nurses are among the professions with higher numbers of £1 million winners.
- Bond holdings – Average bond holdings among £1 million winners tend to be higher than typical at around £40,000 to £50,000.
Although Premium Bonds are held by a cross-section of society, those with larger bond holdings naturally have greater odds of hitting the big time.
Noteworthy Winners
While most £1 million winners prefer to remain anonymous, some notable stories have emerged over the years:
- In 1994, a police officer from Lancashire won £1 million on just £8 worth of bonds bought for his son.
- A struggling single father put his last £30 into Premium Bonds and won £1 million on them in 2014.
- A retired pilot won the jackpot twice, pocketing £1 million on two separate occasions in the 1990s and 2000s.
Although incredibly lucky, these examples show that huge windfalls are always possible, even from modest bond holdings.
Total Number of £1 Million Winners
The first £1 million Premium Bonds jackpot was drawn in May 1994. Since then, more than 600 bond holders have hit the big time and become millionaires through the monthly prize draws.
According to NS&I, the total number of £1 million Premium Bonds jackpot winners to date stands at:
- Total £1 million winners since 1994: 635 (as of October 2022)
So over the last 28 years, more than 635 lucky Premium Bonds holders have pocketed the top prize of £1 million.
With 2 new millionaire bond holders made every month, this number will continue rising steadily in the years ahead.
Most £1 Million Winners in One Draw
Usually, no more than 2 premium bond holders can win the £1 million prize in one monthly draw.
But very occasionally, there have been months when 3 bonds have been selected due to drew rollovers. This has happened on just 4 occasions:
- February 1996 – 3 winners
- May 1998 – 3 winners
- May 2003 – 3 winners
- December 2011 – 3 winners
So in over 300 monthly draws, only 4 have produced 3 lucky £1 million winners rather than the usual maximum of 2.
Your Overall Odds of Winning
The odds of any single Premium Bond winning £1 million are extremely long at 34.5 million to 1.
But since the typical bond holder has multiple bonds, their overall odds of winning a jackpot are higher.
With the average holding around £5,000 of bonds, the approximate odds of a Premium Bonds holder winning stand at:
- Average bonds held: £5,000
- Bonds per holder: 5,000 / £1 (minimum bond value) = 5,000 bonds
- Jackpot odds per bond: 1 in 34,500,000
- Effective jackpot odds per holder: 1 in 34,500,000 / 5,000 bonds = around 1 in 42,500
So while still highly unlikely, the chances of any individual Premium Bonds investor hitting the jackpot are dramatically shortened from having multiple bonds entered each month.
With enough bonds held over time, even the luckiest investors stand a remote possibility of joining the millionaire’s club.
Conclusion
The odds of winning big on Premium Bonds remain incredibly long. But with billions of eligible bonds in each monthly draw, multiple £1 million jackpot winners are guaranteed.
On average, around 24 fortunate Premium Bonds holders pocket £1 million each year. And over 600 investors have hit the jackpot since the top prize was introduced in 1994.
While winners can come from anywhere in the UK, some regions like the South East tend to produce more lucky millionaires. And those with larger bond holdings naturally stand the best chance of joining the millionaire’s club.
Although it is rare, winning the Premium Bonds jackpot remains a tantalizing dream for millions of regular bond holders across the country. And the hope of life-changing windfalls ensures Premium Bonds will continue providing excitement and entertainment for savers for many years to come.