A fortunate Premium Bonds holder has scooped a £50,000 prize with just £45 stashed in their account. The winner, hailing from the East Riding of Yorkshire, acquired the bond a remarkable 51 years ago in September 1974. This £50,000 windfall ranks as the third-largest prize available in the Premium Bonds draw, trailing only behind £100,000 and £1 million rewards.
Each month, two individuals clinch £1 million Premium Bond prizes. The initial £1 million winner in the September 2025 draw resides in County Durham and holds the maximum allowed amount of £50,000 in Premium Bonds. They secured the winning bond number, 224BZ748917, back in June 2014. The second £1 million victor from Nottingham also maintains £50,000 in Premium Bonds, with their winning bond number being 243VC581367, obtained in April 2015.
NS&I’s Retail Director, Andrew Westhead, expressed his congratulations to the two new jackpot winners from County Durham and Cumbria, each claiming £1 million in September’s draw. He highlighted the month as a success for Premium Bonds holders, with over six million prizes distributed. Westhead also emphasized the importance of bond holders updating their contact details to ensure they receive prize notifications promptly.
Premium Bonds, a savings product offered by National Savings & Investment (NS&I), function differently from traditional savings accounts by entering participants into a monthly prize draw instead of accruing interest. Prize amounts range from £25 to £1 million, with participants assigned a unique bond number for every £1 invested, capped at £50,000. The odds of winning each month stand at 22,000 to 1 for each £1 bond, with the current prize fund rate set at 3.60%.
Approximately 22.7 million individuals hold Premium Bonds, with prizes typically notified via email or text message by NS&I. Winners have the option to receive their prize money directly into their bank account or reinvest it in Premium Bonds. To check for winnings, participants can utilize the NS&I online prize checker tool or the Premium Bonds prize checker app. Recent months have seen a slight decrease in the prize fund rate, impacting the distribution of larger prizes while increasing the number of smaller rewards.
Despite adjustments, two £1 million prizes continue to be awarded monthly. The most recent reduction in the prize fund rate occurred during the August 2025 draw, lowering it to 3.60%.