Every month, two lucky individuals become instant millionaires through the Premium Bonds draw, with many others receiving smaller tax-free prizes. The National Savings & Investments (NS&I) bonds, launched in 1956, now distribute millions of pounds in prizes annually.
Premium Bonds function like savings accounts, but instead of interest, bondholders with £25 or more are entered into a monthly prize draw. Prizes range from £25 to £100,000, with two £1 million top prizes each month. From July 2026, the odds of winning will shorten to 22,000 to one.
The draws take place on the first working day of each month, with results announced the following day. To check if you have won, visit the online prize checker and enter your holder's number. You can also see any unclaimed prizes from previous months.
Each £1 bond has an equal chance of winning, so the only way to improve your odds is to hold more bonds. The maximum holding per person is £50,000.
