Every month, millions of Premium Bonds savers eagerly await the NS&I prize draw, which offers cash prizes from £25 to £1 million. The June draw takes place on Monday 1 June, with results released the following day. With over 24 million participants and more than £127bn invested, the scheme remains popular despite low individual winning odds.
Each £1 bond has a 22,000-to-one chance of winning a prize. The minimum investment is £25, and the maximum is £50,000. Unlike regular savings accounts, Premium Bonds do not accrue interest; instead, they are entered into a random draw using 'Ernie' – the Electronic Random Number Indicator Equipment.
To check if you have won, visit the NS&I website and enter your bond numbers. Alternatively, use the NS&I app for on-the-go results. The full list of winning numbers is published online after the draw.
While the scheme is risk-free, meaning your capital is safe, the actual chance of winning remains low. Money expert Martin Lewis notes that the effective 'interest rate' is 4% when all prizes are considered, but most people will not achieve this. Many standard savings accounts offer higher and more consistent returns.
