NS&I explains ‘bonus’ Premium Bonds perk when investing for prizes | Personal Finance | Finance
NS&I has explained a “bonus” Premium Bonds perk for savers who are investing to win big prizes.
With Premium Bonds, people can win sums worth anything between £25 and £ 1 million every month through randomly generated prize draws.
Each investment must be at least £25, and up to £50,000 can be invested in Premium Bonds overall.
Every £1 invested is given a unique reference number and has the same odds of winning.
But there are ways people can increase their chances of winning, and NS&I offers a “bonus” perk for people who take certain steps.
NS&I said: “If you have less than the maximum invested then using your winnings to buy more Bonds can be a great way of boosting your chances of winning again.
“Choose this option and we’ll automatically reinvest the prize money for you. As a bonus, your new Bonds will be eligible to win prizes from the very next draw.”
July’s £1 million jackpot winners hailed from Hertfordshire and Cumbria, and both held the maximum amount of £50,000 in Premium Bonds.
The Hertfordshire winner’s Bond number was pulled first, and it was purchased in 2016. Cumbria’s winner, which was pulled second, purchased their winning bond in October 2021.
A total of 5,927,312 prizes worth £456,402,800 are to be paid out in the July 2024 prize draw. However, more than 124 billion Bond numbers were eligible for the draw.
Lucky bondholders are typically notified when they win a Premium Bonds prize, however, some people may move or change their contact details without updating NS&I, which can lead to unclaimed prizes.
This is particularly apparent for those who opt to receive prizes via cheque.
Explaining a better way to receive prizes to avoid missing out, NS&I said: “To receive prizes faster and more securely, customers can opt for automatic bank deposits or reinvestment into more Premium Bonds, which is how 90 percent of prizes are paid to winners. This is quicker and more secure than waiting for a cheque.”
How to check if you’ve won a Premium Bonds prize
The quickest way to check for unclaimed prizes is to use NS&I’s online prize checker or the NS&I prize checker app.
Customers will just need their Premium Bonds holder’s number or NS&I number.
NS&I is among the UK’s largest savings organisations, backed by HM Treasury, and serves over 24 million customers with a variety of savings and investment options.
All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
