Premium Bonds: £1million prize only days away – how to improve your chances of winning | Personal Finance | Finance
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Premium Bonds are a savings account managed by National Savings and Investment (NS&I), which is backed by the UK Government. Unlike other savings accounts, interest on Premium Bonds is acquired through a monthly prize draw. Ahead of April’s announcement, many people will be looking to see how they can improve their chances of taking home the £1million prize.
This past month, two lucky individuals won the £1million Premium Bonds jackpot for March 2022.
The first bond winner was from Devon and has a winning number of 170MY806167, with an overall holding of £36,000.
Their winning bond was only purchased back in July 2010 and they are the seventeenth millionaire to be chosen from Devon.
In comparison, the other £1million winner was from Cheshire and has a prize number of 276RS522196.
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Their winning holding was bought in July 2016 and they held £19,000 in Premium Bonds overall.
Jill Waters, the NS&I’s retail director, emphasised that starting a “savings habit” is the best way to begin the journey of becoming a Premium Bonds millionaire.
Ms Waters said: “A massive congratulations to our new Premium Bonds jackpot winners from Devon and Cheshire.
“This really is a life-changing sum of money and we wish them all the best for the future.
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“Aside from our two jackpot winners, this month, ERNIE will be paying out more than 3.3 million other tax-free prizes worth £97,337,100, surprising and delighting people up and down the country.
“You can start a savings habit by investing in Premium Bonds from just £25. You can do this via bank transfer or by setting up a regular standing order. A regular savings habit really is the best way to help your savings blossom this March.”
Financial journalist Martin Lewis shared advice on his website as to who is most likely to win the Premium Bonds lottery draw and what people can learn about improving their odds.
Anyone who has more than £5,000 worth in bonds are more likely to win as the more bonds someone has the better their chances, according to Mr Lewis.
The financial expert said: “The more bonds you have, the closer you get to the prize fund rate, and this is where the scales start to tip in Premium Bonds’ favour.”
Furthermore, Mr Lewis emphasised how Premium Bonds works best for people who are long-term savers.
He added: “While Premium Bonds beat easy-access savings for those saving more than around £5,000, they don’t beat many of the top fixed savings accounts on average luck.
“Yet as the name suggests with fixes, your money’s locked away, while with Premium Bonds, you have access to your cash. So if you want to save longer, but keep access to your money, they’re a decent option.”
Discussing the benefits of the NS&I product, Mr Lewis said: “Premium Bond prizes are tax-free, but so is savings interest for 95 percent of people.
“Yet if you’re one of those who earns more interest than your personal savings allowance, then if you’ve a decent amount in bonds, they’ll usually be the clear winner (especially as cash ISA rates are poor).”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip
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