NS&I has announced an exciting update for Premium Bonds holders this March, with a whopping £430 million prize pot up for grabs. The winners of the February 2025 Premium Bonds prize draw have been revealed, and among them are two new millionaires who have each secured the top £1 million jackpot prizes. The first lucky winner hails from Cleveland, North Yorkshire, with the winning bond number 540HZ735699. This fortunate individual only had £100 invested in Premium Bonds and purchased the winning bond in May 2023.
On the other hand, the second millionaire winner comes from Cumbria, holding bond number 408VD714629, which was bought in August 2020, with total holdings amounting to £35,000 in Premium Bonds. Andrew Westhead, NS&I retail director, expressed his delight about the wins, highlighting the inclusivity of Premium Bonds by mentioning that every £1 bond has an equal chance of winning the £1 million jackpot. The February draw distributed 5.9 million prizes worth over £430 million, showcasing the wide range of prizes available to Premium Bonds holders.
For those eager to find out if they’ve struck gold in the March draw, checking the results is simple and can be done via the NS&I website, their prize checker app, or by asking virtual assistant Alexa. Premium Bonds holders will need to input their holder’s number or NS&I number to verify any potential winnings. It’s worth noting that there are currently over 2.5 million unclaimed Premium Bonds prizes, amounting to a staggering £95.3 million.
With an entry level investment of just £25, Premium Bonds offer holders the opportunity to win tax-free prizes ranging from £25 to a massive £1 million. Unlike traditional savings accounts, Premium Bonds do not accrue interest but provide the security of savings backed by HM Treasury. Prizes are distributed into three value bands – higher, medium, and lower – with each band receiving a percentage share of the monthly prize fund. The higher band offers prizes from £1 million to £5,000, while the medium and lower bands give players the chance to win between £1,000 and £25.
In the upcoming March 2025 draw, a total of 5,902,600 prizes worth £432,857,175 will be awarded, with a vast number of Bond numbers eligible for participation. The prize fund rate for this draw stands at 4.00%, with odds of 22,000 to one for any £1 Bond number winning a prize. All prizes won through Premium Bonds are exempt from UK Income Tax and Capital Gains Tax, allowing winners to enjoy their full winnings without deductions.
NS&I advises that winners are typically informed of their prizes, but unclaimed prizes may occur if contact details are outdated. To streamline prize distribution, customers can opt to have their winnings directly deposited into their bank accounts or reinvested into additional Premium Bonds. This method accounts for 90% of prize distributions. The excitement around the March Premium Bonds draw highlights the diverse opportunities for savers to potentially win big while enjoying the security of their investments.