- Premium Bonds are a government-backed investment product from National Savings and Investment (NS&I), with over 24 million participants and more than £127 billion banked.
- Instead of accruing interest, savers are entered into a monthly prize draw to win cash prizes ranging from £25 to £1 million, with two millionaires created in each draw.
- Every £1 invested has a 22,000-to-one chance of winning, with a minimum investment of £25 and a maximum of £50,000. The date of this month’s draw is Friday 1 May. The results of this draw are available a day later and released by the NS&Ihere.
- The prizes are determined by a random digital prize picker called 'Ernie' (Electronic Random Number Indicator Equipment), and while the scheme is risk-free, most people will not win a prize.
- Savers can check if they have won by visiting the NS&I checker on its website or using the NS&I app, with the results of the monthly draw typically available a day after the draw date.
IN FULL
