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Premium Bonds are a two in one savings method and lottery scheme, and an estimated 21 million people own bonds throughout the UK. Those who invest in Premium Bonds could be up to win a big cash prize at the monthly draw, which comes out on the 1st of every month.
Premium Bonds are the UK’s biggest savings product, with around 21 million people saving around £91 BILLION in them.
It’s a handy and foolproof investment scheme, as it is backed up by the treasury.
Every £1 you invest in a bond is given a unique number which is entered into a monthly prize draw.
If one of your unique numbers is chosen, you could win a tax-free prize ranging from £25 to £1 million.
Your bond’s unique number is re-entered into each subsequent draw until you decide to cash them in.
You have a 26,000 to one chance of winning for each £1 you put in. The more you put in, the higher your chance of winning.
Despite the low odds, each month, the Premium Bond draw creates two lucky millionaires in the UK.
And those who don’t get made millionaires can still get a nice cash injection.
The draw happens on the first day of every month, but when the first day falls on a weekend it takes place the next working day.
So for August, Premium Bonds winners are expected to be announced on Monday, August 3.
If you do win big, you can do one of two things with your new-found funds.
You can take the prize home in cash – paid directly into your bank account.
Or, you can choose to reinvest the money in more premium bonds – increasing your chance of winning big again in the future.
To be able to invest in a Premium Bond, a person must put in a minimum of £25, or a maximum of £50,000.
The interest rate on a Premium Bond currently stands at 1.4 percent.
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How do I check if I’ve won?
If you think you might have an unclaimed prize, the best way to check depends on what info you have about your Premium Bond account – confusingly, you’ll have been given both a Premium Bond holder’s number AND an NS&I number:
If you know your Premium Bond holder’s number, you can simply go to the NS&I website or download its prize checker app.
Enter your holder’s number and it’ll tell you if you’ve any unclaimed prizes.
If you don’t know your holder’s number, but have your NS&I number, you can use that number – which you’ll find on any letters from NS&I – as well as your surname and password to log in to NS&I online and find your holder’s number on the ‘account details’ page.
With these details, you can also use NS&I’s prize checker app.
If you don’t know your holder’s number or account number, you can phone NS&I on 08085 007 007 or write to it and ask for a replacement bond record to be sent to you.
You should give as much detail as you can, for example, your full name, address details, when and where you bought your Premium Bonds and how much they’re worth.
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