National Savings and Investments (NS&I) has issued a clarification on how it categorises Premium Bonds holders for its public prize announcements, confirming that it can alter the published region linked to a customer's winnings without direct notification.
The 100,000-Holder Rule Explained
This policy stems from a specific threshold used for transparency in its winner publications. Following each monthly draw, NS&I publishes a list of high-value winners, including the region they are associated with. However, your assigned region may differ from your actual address due to a rule designed to protect anonymity in less populous areas.
Guidance on the NS&I website details a four-tier hierarchy. If a winner lives in a town with fewer than 100,000 Premium Bonds holders assigned to it, the provider moves up through the levels until it finds an area with at least 100,000 holders. The hierarchy is: Royal Mail Postcode Address File Town (Level 1); County or Local Authority (Level 2); Government Standard Region (Level 3); and finally, Country (Level 4).
Real-World Impact and NS&I Assurance
This system leads to seemingly duplicate regions in official lists. For instance, recent data showed separate entries for 'Inner London', 'Outer London', and a broader 'London', alongside specific boroughs like Wandsworth. Similarly, 'Lancashire' appears alongside 'Preston', a city within the county.
An NS&I spokesperson emphasised that this 100,000 threshold is solely for public reporting and has no impact on a customer's chance of winning. "Every £1 Bond has an equal chance of winning any prize regardless of where the holder lives," they stated.
The spokesperson also addressed whether shifting local populations could change a holder's categorised region over time. "The number of Premium Bonds holders in any given area will naturally fluctuate over time as customers buy and cash in Premium Bonds," they explained, adding, "NS&I does not notify customers of any changes to how their area is categorised, as this information does not affect their account or odds in any way."
Current Premium Bonds Details
The monthly prize draw continues to offer savers the chance to win tax-free cash prizes, from the two £1 million jackpots down to smaller awards. Savers can check for prizes via the NS&I website or its prize checker app.
Currently, the prize fund rate stands at 3.6%, following reductions implemented last year. The odds of any single £1 Bond winning a prize in the monthly draw are 22,000 to one.
