Premium Bonds prize winner scoops £1million jackpot a year after purchase

One of this month’s Premium Bond savers scooped the million-pound jackpot just one year after buying the Bond.

National Savings & Investments () prizes were drawn for December at the start of the week, awarding more than 5.8 million prizes from a total prize fund of more than £441million.

Of the prizes, two £1million payments are up for grabs, and one saver got particularly lucky with a Bond purchased fairly recently.

The jackpot winner bought the £1million Bond, 538KR930303, in April 2023, making them the 6th jackpot millionaire from their area. They hold £33,275 in and their winning number was drawn second.

The first number drawn, held by a Bond holder in Kent, was 405PY086681. The winner has a holding of £50,000 in and purchased their winning Bond in July 2020. They become the 24th £1million jackpot winner from their county.

Andrew Westhead, NS&I retail director, commented: “Congratulations to our latest millionaires from Kent and Cumbria. What a wonderful early Christmas surprise as the festive season begins. With millions of tax-free prizes won every month, continue to be a popular way to save, offering the excitement of potential winnings.”

How do Premium Bond prizes work?

National Savings & Investments (NS&I), one of the UK’s largest savings institutions, serves over 24 million customers and is fully backed by HM Treasury, guaranteeing 100% security for all its products.

To enter prize draws, individuals must purchase with a minimum investment of £25, with a maximum limit of £50,000. Winners are chosen through a random draw conducted at the beginning of each month.

NS&I emphasizes that holding more Bonds increases the likelihood of winning. Prizes, which are tax-free, are distributed across three value bands: higher, medium, and lower.

NS&I emphasises that holding more Bonds increases the likelihood of winning. Prizes, which are tax-free, are distributed across three value bands: higher, medium, and lower.

Higher band prizes range from £5,000 to £1 million, with just two £1 million prizes awarded each month. The medium band prizes range from £1,000 to £500, and the lower band prizes range from £100 to £25.

The annual prize fund rate for in December was 4.15%, and the odds of any single £1 Bond number winning a prize are 22,000 to 1.

A total of 5,806,049 prizes worth a total of £441,743,525 were paid out in December’s draw. These prizes are drawn from a pool of 127,733,062,250 eligible Bond numbers.

In January, the prize fund rate will fall further to 4% in response to changes in the savings market. However, the odds of winning will remain unchanged at 22,000 to one.

Premium Bonds prize checker

holders can easily see if they’ve won a prize in December’s draw by checking the NS&I website, the prize checker app, or simply asking Alexa.

To check on the NS&I website, customers will need their holder’s number, while for the prize checker app, they’ll need their NS&I number or holder’s number. People can also check for any unclaimed prizes owed to them.

There are currently 2,484,321 unclaimed prizes worth £90,963,050 waiting to be claimed.

Taking the locations of this year’s jackpot winners, there are currently 65,269 unclaimed prizes worth over £2.3million in Kent alone. The largest unclaimed prize is £50,000 from the November 2007 prize draw. In Cumbria, 15,116 prizes with a total value of £517,450 are waiting to be claimed.

Winners are typically notified when they win a prize. However, some people may move or change their contact details without updating NS&I, leading to unclaimed prizes, particularly for those who choose to receive their prizes by cheque.

To receive prizes faster and more securely, customers can opt for automatic bank deposits or reinvestment into more , which is how 90% of prizes are paid to winners, according to NS&I.