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Daily Mirror

Business

Levi Winchester

Premium Bonds explained: How do they work and how likely am I to win £1million?

Bonds Premium Bonds NSI

Premium Bonds are a savings product by National Savings & Investment (NS&I) - but how they work is very different to a typical savings account.

Instead of getting interest on your money, you're entered into a monthly prize draw where you can win between £25 and £1million - or you may not win anything at all.

Premium Bonds are often described as a “cross between a savings account and the lottery” because of this - and they are hugely popular with savers.

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