The December 2023 Premium Bonds draw results have been released, revealing two £1 million prize winners. The first winner hails from York, holding £49,976 in bonds, with the winning bond purchased in December 2021. The second winner, from Essex, has £14,600 invested and bought their winning bond in March 2000.
Premium Bonds, offered by National Savings & Investments (NS&I), operate differently from standard savings accounts. Instead of earning interest, savers are entered into a monthly prize draw, with prizes ranging from £25 to £1 million. Each £1 invested earns one bond number, and prizes are tax-free.
In December, over one million £25 prizes were awarded, along with 4.7 million £50 and £100 prizes. The minimum investment is £25, with a maximum of £50,000. Withdrawals can be made at any time.
NS&I Retail Director Andrew Westhead congratulated the winners, noting the festive timing of their jackpots. He highlighted that 2023 saw over 63 million prizes drawn, worth more than £4.6 billion. The prize fund rate was increased to 4.65% from September, adding an estimated £66 million and 269,000 extra prizes monthly.
Winners are notified by email or text, and prizes can be paid into bank accounts or reinvested. The odds of winning are 21,000 to 1 per £1 bond, with most prizes being smaller amounts.
