The June Premium Bonds draw takes place on Monday 1 June, with results released a day later. Savers can check if they have won prizes ranging from £25 to £1 million via the NS&I website or app.
Premium Bonds, offered by National Savings and Investments (NS&I), are a government-backed savings scheme with over 24 million participants and more than £127bn invested. Each £1 bond has a 22,000-to-one chance of winning in the monthly draw, which uses a random digital selector called 'Ernie'.
Unlike regular savings accounts, Premium Bonds do not pay interest. Instead, bondholders are entered into a prize draw. While the scheme is risk-free, meaning capital is never lost, the actual chance of winning remains low. Most people will never win a prize, so their investment stays the same.
Money expert Martin Lewis notes that the effective interest rate on Premium Bonds is around 4 per cent when all winnings are considered, but most savers will not achieve this rate. Many standard savings accounts offer higher, more consistent returns.
To check if you have won, visit the NS&I prize checker and enter your bond numbers. The NS&I app also allows savers to check results on the go.
