NS&I is increasing its Premium Bond prize fund rate to 3.7 per cent for its July 2023 draw, up from 3.3 per cent, and it will rise again to 4 per cent from August.
This is the highest rate in the last 15 years, and represents the seventh increase in little over a year.
A holder’s odds of winning remain at 24,000 to 1 in July, though there are now more £100,000, £50,000, £25,000, £10,000 and £5,000 prizes available. In August the odds of winning will increase to 22,000 to 1.
NS&I chief executive, Dax Harkins, said: “Premium Bonds are one of the nation’s favourite savings products and I’m delighted that we’re able to improve the odds to the best they have been in almost 15 years, with more prizes, more excitement and more life changing wins for savers up and down the country.
“These changes will benefit millions of NS&I’s savers who have money in Premium Bonds, Direct Saver and Income Bonds.”
There will still be two £1,000,000 prizes in July, but the number of £100,000 prizes is estimated to grow from 63 to 71. The number of £50,000 prizes is expected to rise from 125 to 141, and the £25,000 prizes from 252 to 284.
NS&I estimates that the August changes will see an extra £30m added to the prize fund, with 460,000 extra prizes up for grabs. It estimates that the number of £5,000 prizes won by customers in August will go from 1,417 to 1,539, while the number of £10,000 prizes will increase from 707 to 769.
When are the Premium Bonds winners for June 2023 announced?
Premium Bond holders are entered into a random draw at the start of every month, with tax-free prizes worth between £25 and £1m, instead of earning regular interest on their money in the usual way.
Usually, the results of the latest Premium Bonds draw are fully accessible to holders from the second day of the month.
The winners are actually drawn a day earlier – so generally on the first day of the month – with NS&I releasing the details of the highest prizes (anyone who has won more than £5,000) at midnight.
However, this changes if the month starts on a weekend or bank holiday, with the prize draw scheduling pushed back to the next working days.
1 July falls on a Saturday this year, which means the Premium Bonds results will instead be drawn on Monday 3 July.
Bond holders will be then able to check if they were among the winners from Tuesday 4 July.
Here are the remaining Premium Bonds prize draw dates for 2023 – if you are a holder, you will be able to check your bonds the day after the numbers have been drawn:
- Monday 3 July
- Tuesday 1 August
- Friday 1 September
- Monday 2 October
- Wednesday 1 November
- Friday 1 December
How can I check if I won the Premium Bonds?
If you hold Premium Bonds and want to check if you’ve won a prize in the latest monthly draw, you can use the NS&I online prize checker here.
Alternatively, you can download the free app from iOS or Android, while Amazon Alexa devices can also check for you, “remembering” back across the past six prize draws.
To check on your Premium Bonds, you will need your unique holder’s number, which can be found on your bond record or by logging into your account on the NS&I website. It will have either nine of ten digits, or be an eight digit number with a letter at the end.
Prizes don’t carry a time limit, so you can claim as far back as the original 1957 draw.
According to MoneySavingExpert, as of November 2021 there were more than two million unclaimed Premium Bonds prizes, with a total value of almost £75m.
To reduce the potential for leaving prizes unclaimed, Premium Bonds holders can opt to have them paid directly in their bank account or automatically reinvested into more bonds.
NS&I says that almost nine in ten prizes are now paid this way, and you can find out more details here.
How can I buy Premium Bonds?
You can buy Premium Bonds for yourself or for a child under 16 online here, or you can call NS&I free on 08085 007 007, from 7am to 10pm every day. You’ll need to have your debit card details ready.
Alternatively, you can apply by post at NS&I, Sunderland SR43 2SB, using an application form that you can find and print here.
Each bond is £1, but you need to pay in a minimum of £25 for each investment. The maximum amount you can hold in Premium Bonds is £50,000.
If you think there is a chance that you could have Premium Bonds, but you are not sure, there is a tracking service on the NS&I website.
To check if you have any bonds you need to fill out a form with your personal details and send it off. If you do have Premium Bonds, then you will be contacted.
