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Every month, savers have the chance to win big prizes as the Premium Bonds winning numbers are announced. There are now 24 million people taking part in the government-backed savings scheme, with more than £127bn banked.
Premium bonds are an investment product from the National Savings and Investment (NS&I), which is owned by the government. Each month, millions of savers are entered into a prize draw to win cash prizes ranging from £25 to £1 million, with two millionaires made at every draw.
Every £1 entered has a 22,000-to-one chance of winning. The minimum investment is £25, while the maximum is £50,000.
These savings don’t accrue interest as with regular bank accounts, but are put up against a random digital prize picker called ‘Ernie’ – the Electronic Random Number Indicator Equipment.
The next date of the next draw is Monday 3 February. The results of this draw will be released by NS&I the following day.
What are the chances of winning?
There are many premium bond winners every month, but the actual chance of winning remains fairly low. Most people will never win a prize, meaning their investment will stay the same. However, the scheme is also risk-free, meaning money won’t be lost either.
Analysis by money expert Martin Lewis found that the ‘interest rate’ on premium bonds accounts is 4 per cent when all winnings are considered – but notes most people won’t see anything like this. Many savings accounts in the UK also offer a higher interest rate than this, which will be far more consistent.
The distribution of prizes changes slightly every month. Here were the results in January 2025:
- £1 million x 2
- £100,000 x 82
- £50,000 x 163
- £25,000 x 328
- £10,000 x 818
- £5,000 x 1,636
- £1,000 x 17,163
- £500 x 51,489
- £100 x 1,987,844
- £50 x 1,987,844
- £25 x 1,803,871
How to check if you’ve won
To check if you’ve won a prize on premium bonds, you can visit the NS&I checker on its website and enter your bond numbers.
There is also an NS&I app which allows savers to check results on the go.