Premium Bonds are overseen by NS&I and have been popular since their inception back in the 1950s. Each month, savers have the opportunity to sc
Premium Bonds are overseen by NS&I and have been popular since their inception back in the 1950s. Each month, savers have the opportunity to scoop the £1million jackpot, or a host of other prizes.
To do so, they forfeit the chance to secure an interest rate on their cash, as Premium Bonds have a prize rate fund instead.
Due to being a Government-backed savings institution, any cash deposited into an NS&I account – including Premium Bonds – is 100 percent guaranteed and protected.
Prizes can range anywhere between £25 and the sought after £1million.
However, account holders will need to hold their bonds for a full month before they are entered into the jackpot.
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One example is that in 2004, the £1million jackpot was won by a customer with a £17 holding.
They first purchased their Bonds all the way back in 1959.
In March, two people won the £1million jackpot, from Devon and Cheshire West and Chester respectively.
The first jackpot winner had the number 170MY806167, and their winning bond was worth £2,000, purchased in 2010.
The second lucky millionaire had the number 276RS522196, with a value of £8,000. It was first purchased in 2016.