The prize rate is 1.4% (dropping to 1% from Dec), but with average luck you won't even earn that. The nearest thing Premium Bonds have to an interest rate is their annual prize rate, which is currently 1.4%. The interest rate describes the "average" payout, but it is just a vague watermark.
Premium Bonds could be worth investing in if:You have a lot of money to save – the more bonds you have, the bigger your chance of winning a prize. You pay tax on savings interest (and have already used up your annual cash ISA allowance)
A There are all sorts of theories. However there is absolutely no evidence that holding premium bonds in a single block has a better chance of winning.
Yes you can - although there are some rules. You yourself need to be at least 16-years-old to buy them for yourself or someone else. If you have a child younger than 16, you can buy Premium Bonds online, by phone or by post, or by switching money from another NS&I account in the child's name.
The Classic Way—Earning It SlowlyThe rule of 72 is a famous shortcut for calculating how long it will take for an investment to double if its growth compounds. Just divide 72 by your expected annual rate. The result is the number of years it will take to double your money.
Monthly prizes
- £1,000,000. Two top prizes per month.
- £25. 3,200,000+ prizes per month.
- £93,000,000+ Value of prizes paid per month.
In June 2020, premium bond prizes will be drawn on Monday, June 1. If you overcome the odds and manage to win a prize, you will be visited by an NS&I worker on the day before the first working day of the month.
Each Premium Bond is valued at £1 with a minimum purchase of £25. You can set up a direct debit to purchase bonds on a monthly basis and the maximum total investment in Premium Bonds is £50,000 per individual.
Customers can check the Premium Bonds results via the online prize checker at nsandi.com, the NS&I prize checker app, and the Premium Bonds Alexa skill. Alternatively, Customers will be notified of any prize win via email or text.
The easiest way to cash in your Premium Bonds is to call or use the online form. For both options, you will need to have your NS&I number and your password. Then, call 08085 007 007 or go to the NS&I website and log into your online account.
You can use your holder's number on the prize checker on our website and in our prize checker app. You can find your holder's number on your Bond record or by logging into your account. Your holder's number has either 10 or 9 digits, or 8 digits followed by a letter. Or write to us and ask for a Bond record.
In the Premium Bonds brochure it says that if a holder dies, their Premium Bonds become part of their estate. The Bonds can continue to take part in prize draws for 12 months following the date of death. Any future prizes won by warrant after each prize draw will then be sent to the person entitled to the money.
