Premium Bonds are a type of savings bond offered by National Savings and Investments (NS&I) in the United Kingdom. Instead of earning interest, Premium Bonds holders are entered into a monthly prize draw where they can win between £25 and £1 million tax-free. With Premium Bonds, you don’t know if you’ve won a prize until the draw happens each month.
When is the Premium Bonds prize draw?
The Premium Bonds prize draw takes place every month on the first working day of the month. This is when winning bond numbers are selected at random by ERNIE, NS&I’s Electronic Random Number Indicator Equipment. As soon as the draw takes place, you can check online or by phone to see if you have won.
Premium Bonds prize draw calendar for 2023
Here are the dates for the Premium Bonds prize draws in 2023:
| Month | Prize Draw Date |
|---|---|
| January | Monday 2nd January |
| February | Wednesday 1st February |
| March | Wednesday 1st March |
| April | Monday 3rd April |
| May | Tuesday 2nd May |
| June | Friday 2nd June |
| July | Monday 3rd July |
| August | Wednesday 2nd August |
| September | Friday 1st September |
| October | Monday 2nd October |
| November | Wednesday 1st November |
| December | Friday 1st December |
As you can see, the Premium Bonds prize draw takes place on the first working day of each month. The only exceptions are if the 1st is a weekend or bank holiday, in which case the draw will happen on the next working day.
When do Premium Bonds prizes get paid out?
Winning Premium Bonds numbers are selected in the monthly prize draw, but when do you actually get paid your prize money? Here’s how it works:
- If you win any prize amount from £25 up to £5,000, this will be paid directly into your bank account or by cheque sent to your home address on the second working day after the prize draw.
- If you win between £5,001 and £50,000, this will be paid by cheque sent to your home address on the second working day after the prize draw.
- If you win any of the £1 million jackpot prizes, this will be paid by cheque sent to your home address on the second working day after the prize draw.
So in summary, smaller prizes up to £5,000 are paid into your bank account within 2 working days, while larger winnings over £5,001 are sent as a cheque within 2 working days. The prize money should hit your account or arrive in the post quickly after each monthly draw.
How to check if you’ve won a Premium Bonds prize
There are a few ways you can check to see if you have won a Premium Bonds prize each month:
Online
You can log in to your account on the NS&I website to see if any of your bonds have won. This is updated after each monthly draw. You can also sign up for the online prize checker which will notify you if you win.
By phone
Call the NS&I Prize Helpline on 08085 007 007 to speak to an agent who can check your bonds and confirm any prizes. This is available from the day of the prize draw onwards.
Prize Warrant
NS&I will mail you a Prize Warrant if you win any prize over £25. This is sent to your registered address and will detail your winning bond number and prize amount. However, your prize money will already have been paid into your account by this point.
Text message
If you have registered your mobile number with NS&I, they can send you a text message to let you know if you’ve won a prize in the latest monthly draw.
The quickest way to find out if you’re a winner is to check online straight after the prize draw date. You can also choose to reinvest your winnings into buying more Premium Bonds to increase your chances of winning again.
How are Premium Bonds prize winners selected?
Every eligible £1 Premium Bond is entered into each monthly prize draw. ERNIE then randomly selects the winning bond numbers using a process that is fully regulated and audited to be completely fair and secure. Here is a quick overview of how it works:
ERNIE algorithm
ERNIE is an electronic system that uses a Quantum Random Number Generator (QRNG) to select winning Premium Bond numbers at random. This produces truly random and verifiably unpredictable results.
Prize fund
The prize fund for each monthly Premium Bonds draw is 1% of eligible bonds. NS&I calculates the prize fund and allocates the total amount to over 3 million prizes.
Prize tiers
The prize fund is divided into different prize tiers from £25 up to the £1 million jackpot bonds. ERNIE randomly selects a winner for each prize tier in the draw.
Verification
Once ERNIE selects the winning numbers, these are verified independently by two external auditing firms. This ensures the draw is fair and ERNIE is working properly.
Thanks to this rigorous process, each and every eligible £1 Premium Bond in the draw has an equal chance of being selected as a winner. The more bonds you hold, the better your odds are of winning a payout.
What are the odds of winning a Premium Bonds prize?
The latest estimated odds of winning a Premium Bonds prize are as follows:
| Prize amount | Odds |
|---|---|
| £25 | 24,500 to 1 |
| £50 | 46,500 to 1 |
| £100 | 96,000 to 1 |
| £1,000 | 473,400 to 1 |
| £5,000 | 2,330,636 to 1 |
| £10,000 | 4,621,598 to 1 |
| £25,000 | 9,592,145 to 1 |
| £50,000 | 19,451,170 to 1 |
| £100,000 | 42,043,032 to 1 |
| £1 million | 55,491,296 to 1 |
As you can see, smaller prizes are more common but you still need to hold a significant number of Premium Bonds to stand a good chance. The more £1 bonds you own, the higher your odds become of landing bigger prize amounts.
Boost your chances of winning
While luck plays a big role, you can boost your odds of winning a payout by:
- Buying more Premium Bonds – this increases the number of bonds you have entered in each draw
- Holding bonds long term – the longer you hold them, the more draws you’ll be entered into
- Reinvesting any winnings – use your prize money to buy more bonds
The maximum amount you can hold per person is £50,000 which will give you the best chance of regular wins.
Do Premium Bonds prizes expire?
Yes, there is a time limit on how long you have to claim any Premium Bonds prizes. Here are the key deadlines:
- Prizes under £500 can be claimed up to 3 years after the draw date
- Prizes between £500 and £50,000 can be claimed up to 18 years after the draw date
- The £1 million jackpot prize can be claimed up to 30 years after the draw date
After the expiry period, any unclaimed prize money will go back into the prize fund to be redistributed in future draws. So make sure to check your bonds regularly and don’t miss out on any winnings you are due.
Reasons prizes go unclaimed
There are a few common reasons why Premium Bonds prizes can go unclaimed:
- Forgotten bonds – people forget they own Premium Bonds or lose track of old bonuses
- Outdated details – if your personal details with NS&I are out of date
- Lost bonds – bonds that have physically been lost or destroyed
- Deceased owners – bonds belonging to someone who has passed away
To avoid missing out on any prizes you are owed, it’s important to keep your Premium Bonds details up to date and check them regularly.
How do people find out if they have unclaimed Premium Bonds prizes?
If you think you might have unclaimed Premium Bonds prizes sitting waiting for you, here are some ways to track them down:
Contact NS&I
You can call the NS&I Prize Helpline on 08085 007 007 or visit the NS&I website and use their prize checker. Have your Premium Bonds holder’s number ready and they can search for any winnings you haven’t claimed.
Check old bank statements
Look back through old bank account statements to see when you last received a Premium Bonds prize payment. Anything longer than 3 years ago for smaller prizes is worth following up.
Trace bonds you’ve lost
If you have lost or misplaced Premium Bond certificates, you can contact NS&I and provide identifying details to trace your bonds. This also applies for finding deceased relatives’ bonds.
Use a reclaim company
You can hire a professional reclaim company to hunt down any unclaimed Premium Bonds prizes you might be owed. They will submit claims and handle the paperwork for you.
It’s estimated there are over £60 million worth of unclaimed Premium Bonds prizes at any given time, so it’s definitely worth investigating if you think you might have some forgotten winnings.
What happens to unclaimed Premium Bonds prizes?
For any Premium Bonds prizes that do not get claimed by their expiry date, the unclaimed prize money is redistributed by NS&I in the following ways:
- Added to future monthly Premium Bonds prize funds
- Used to top up the Premium Bonds jackpot prize
- Allocated to NS&I’s capital reserves held by HM Treasury
So although bond holders miss out themselves, the unclaimed prizes help bolster the prizes and jackpots for other Premium Bonds holders. It gives more people the chance to win big each month.
Total unclaimed prizes
In the 2021/2022 financial year, a total of £62 million worth of Premium Bonds prizes went unclaimed. To put that into context, here are the totals of unclaimed prizes in recent years:
| Year | Total unclaimed prizes |
|---|---|
| 2021/22 | £62 million |
| 2020/21 | £46 million |
| 2019/20 | £41 million |
| 2018/19 | £40 million |
As you can see, while the total value fluctuates year to year, there are tens of millions of pounds in unclaimed Premium Bonds prizes in every draw. So it’s well worth checking if you have any winnings due!
Are there any unclaimed £1 million Premium Bonds jackpot prizes?
Incredibly, there have been several £1 million Premium Bonds jackpot prizes that have gone unclaimed over the years. These are the biggest prizes available, but some winners have missed out on their fortunes.
Biggest unclaimed jackpot prizes
Here are some of the biggest unclaimed £1 million Premium Bonds jackpot prizes:
- November 2003 – £1 million unclaimed prize from a bond purchased in inner London.
- May 2005 – £1 million unclaimed prize from a bond held by someone in Surrey.
- June 2009 – £1 million prize unclaimed by a holder living overseas.
- December 2016 – £1 million prize from West Sussex goes unclaimed.
In each case, the £1 million prizes went unclaimed as the 30 year deadline passed. Despite NS&I’s best efforts to track down these winners, the huge jackpot sums returned to the prize fund.
Reasons million pound prizes go unclaimed
Some common reasons million pound jackpots can go unclaimed include:
- Bonds being lost, destroyed or forgotten about
- Bond holders dying without informing next of kin
- Winners being unaware they own Premium Bonds
- Contact details not being kept up to date with NS&I
To avoid losing out on a potential jackpot win, it’s crucial to keep your Premium Bonds details current and check them regularly. A life changing £1 million prize could be waiting for you!
What is the biggest unclaimed Premium Bonds prize ever?
The biggest unclaimed Premium Bonds prize to date is a £1 million jackpot from May 2020. The winner lived in outer London but failed to claim their life changing prize within the deadline.
This is one of the most recent unclaimed £1 million prizes and serves as a reminder to check your bonds. Even with the extensive publicity and appeals NS&I make, jackpot millions can still go missing.
Details of the £1 million unclaimed prize
Here are the details of the biggest unclaimed Premium Bonds prize so far:
- Prize drawn: May 2020
- Prize amount: £1 million jackpot
- Winning bond number: 476TJ64819
- Bond holder location: Outer London
Despite a thorough tracing process and media appeals, this £1 million remained unclaimed when the 30 year deadline passed in May 2022. It’s likely the winner had passed away or moved abroad without informing NS&I.
What happens to unclaimed jackpot prizes
Once the 30 year claim period ends, any unclaimed £1 million Premium Bonds jackpots are redistributed by NS&I in the following ways:
- Added to the prize fund for future monthly draws
- Used to boost the number of new jackpot prizes
- Allocated to NS&I’s capital reserves
So while the individual winner misses out, the unclaimed £1 million prize gets recycled to reward more Premium Bonds customers in the long run.
Has anyone ever lost a £1 million Premium Bonds jackpot?
Yes, there have been several instances of Premium Bonds millionaires losing out on their £1 million jackpot wins due to failing to claim their prizes in time.
Examples of lost jackpot prizes
Some notable examples of £1 million Premium Bonds prizes being lost include:
- In 2003, a £1 million jackpot from Ipswich went unclaimed past the deadline.
- A £1 million prize won in 2005 by a holder in Kent expired before it was claimed.
- A Surrey bond holder lost their £1 million prize from June 2009 after missing the claim date.
- In 2020, a ticket holder from Hampshire sadly lost their right to a £1 million jackpot win.
In each case, NS&I used every effort and means possible to alert the winners but the 30 year expiry period passed before the prizes were claimed. The £1 million jackpots then returned to the prize fund.
Why millionaire winners can miss out
There are a few key reasons why some Premium Bonds holders have lost £1 million jackpot prizes over the years:
- Bonds being misplaced and forgotten about
- Contact details not being kept up to date with NS&I
- Winners dying without informing next of kin about their bonds
- Heirs and beneficiaries being unaware bonds were held
To ensure you don’t miss out on a potential jackpot win, it’s vital to keep your details current with NS&I and check your bonds regularly. Don’t run the risk of losing your rightful £1 million fortune!
How can you increase your chances of winning a Premium Bonds prize?
While Premium Bonds wins are always down to chance, there are some steps you can take to potentially boost your odds:
Buy more bonds
The more eligible Premium Bonds you hold, the greater your chances are of landing a prize in each draw. Max out your holdings up to the £50,000 limit.
Reinvest prizes
Use any prizes you win to buy more Premium Bonds and build up your holdings over time.
Hold bonds long-term
Keep your bonds invested for longer and you’ll be entered into more prize draws over the years.
Register bonds properly
Make sure your personal details with NS&I are correct so any prizes can be attributed correctly.
Avoid losing bond numbers
Don’t lose or damage any paper Premium Bonds certificates you hold as you’ll need the numbers to claim prizes.
While there are no guaranteed ways to increase your chances, maximising your Premium Bonds holdings and managing them carefully certainly helps.
What are some little known facts about Premium Bonds?
Here are 5 interesting facts about Premium Bonds that you may not know:
- The first ever Premium Bond prize draw was held in June 1957.
- ERNIE stands for “Electronic Random Number Indicator Equipment” and was designed in the 1950s.
- There are now over 21 million unclaimed Premium Bonds prizes worth £64 million.
- The average Premium Bonds holder has around £6,300 invested.
- Premium Bonds were originally created in 1956 by Harold Macmillan.
From the very first ERNIE machine to the growing mountain of unclaimed prizes, there is a fascinating history behind Premium Bonds since they first appeared over 60 years ago.
Conclusion
Premium Bonds prize draws take place on the first working day of every month. Any cash prizes up to £5,000 are then paid out within 2 working days straight into your chosen bank account. There are over 3 million prizes up for grabs in every monthly draw.
It’s important to keep your personal details up to date with NS&I and check for any winnings regularly. There are currently millions of pounds in unclaimed Premium Bonds prizes – you could have a forgotten fortune waiting for you!
