A Premium Bond bought as part of a £5,000 investment has landed an outer London saver one of November’s two £1 million jackpots.
The winning number came from a purchase made in December 2010, according to GB News. The holder has £30,000 in Premium Bonds in total, so the purchase behind the winning bond represents one-sixth of their overall holding.
The second £1 million jackpot went to a saver in Shropshire in the November 2026 draw run by National Savings and Investments (NS&I).
Shropshire’s winning bond formed part of a £48,990 purchase made in November 2025. Its owner holds the maximum permitted investment of £50,000. The London winner’s successful purchase dates back almost 16 years, compared with roughly a year for the Shropshire investment.
How Premium Bonds Turn Savings Into Prize Entries
Per the Independent, Premium Bonds pay no interest. Instead, eligible bonds enter a monthly draw for tax-free prizes ranging from £25 to the £1 million jackpot, with two top prizes awarded each month.
Each £1 bond has its own number and the same chance of winning as every other eligible bond. Holding more bonds provides more entries.
The minimum purchase is £25, while the maximum total holding is £50,000. NS&I uses Electronic Random Number Indicator Equipment (ERNIE) to generate winning numbers randomly.
New purchases must be held for a full calendar month before entering a draw. Bonds bought during November, for example, become eligible for the January draw.
Why the Prize Fund Rate Is Not Guaranteed Interest
NS&I currently lists a variable annual prize fund rate of 4.35%, with monthly odds of 21,000 to one for each eligible bond. Those terms took effect from the September 2026 draw, replacing a 3.80% rate and odds of 22,000 to one.
The rate determines the overall prize fund rather than an interest payment credited to each saver. Individual returns depend on whether their bonds win and the size of any prizes.
The Independent cites Martin Lewis’s warning that headline prize fund rates do not represent the return most savers receive.
NS&I’s Treasury backing protects the money deposited, but it does not guarantee winnings. Inflation can also reduce the purchasing power of savings over time.
How to Use the Premium Bond Checker
November’s wider results will be available through NS&I’s prize checker from 3 November 2026. Customers using the website need their holder’s number, which appears on their bond record or within their online account. This identifies their holding rather than an individual bond.
The official prize checker app accepts either a holder’s number or an NS&I number. It also allows customers to look for prizes from earlier draws, including older unclaimed winnings.
Savers can arrange for prizes to be paid into their bank account or reinvested in additional bonds, provided they remain within the holding limit. Reinvested prizes qualify for the next draw.
NS&I Reports Stronger Government Funding
The draw follows NS&I’s provisional results, published on 28 October 2026, showing government net financing rose to £3 billion between July and September. That compared with £1 billion in the previous quarter, taking the half-year total to £4 billion.
The annual target remains £15 billion, with a permitted variation of £4 billion either way. Net financing measures the net change in NS&I funds, accounting for deposits, retained maturing savings, accrued interest and prizes, and withdrawals and prize payments.
Interim chief executive Sir Jim Harra said: ‘The savings market remains competitive.’ He said NS&I had increased rates across several products and improved Premium Bonds’ prize fund rate and odds to support its funding target.