The May Premium Bonds draw takes place on Friday 1 May, with results released a day later by NS&I. Over 24 million savers have more than £127bn invested in the government-backed scheme, which offers cash prizes from £25 to £1 million each month, including two £1 million jackpots.
Each £1 bond has a 22,000-to-one chance of winning. The minimum investment is £25, with a maximum of £50,000. Unlike regular savings accounts, Premium Bonds do not pay interest; instead, bonds are entered into a monthly prize draw using a random digital generator called 'Ernie'.
To check if you have won, visit the NS&I prize checker on its website and enter your bond numbers. Alternatively, use the NS&I app to check results on the go. While the scheme is risk-free, the chance of winning remains low, and most savers will never win a prize.
Money expert Martin Lewis notes that the effective 'interest rate' on Premium Bonds is 4% when all winnings are considered, but most people will see far less. Many UK savings accounts offer higher and more consistent rates. Prize distribution changes monthly; for reference, the January 2026 results are available on the NS&I website.
