Millions of prizes go out each month in the Premium Bonds prize draw
Premium Bonds holders may want to check their account details(Image: Getty)
Premium Bonds holders have been urged to do a quick check of their online accounts. This comes after NS&I recently made some key changes to the rules for the savings scheme.
You can win big prizes in the Premium Bonds draw at the start of each month, with millions of cash amounts issued to luck customers. Big winnings on offer each month include two £1million jackpots, as well as a bunch of prizes for £100,000, £50,000 or £10,000. However, the vast majority of prizes are for small amounts such as £25 or £50. It’s important to have your details up to date or you could miss out on prizes you are due.
Tim Grimsditch, managing director at financial advice group Unbiased, shared some thoughts on what to do if your prizes have not arrived. He said: “If you believe you have won a prize from this month’s Premium Bonds draw but you have not yet received it, there are several straightforward checks to make before assuming something has gone wrong.”
One simple thing he suggested checking if your prize has not arrived is that all your details are correct. He urged: “Ensure your personal details are up to date. Out of date bank details or addresses are one of the most common reasons prizes do not arrive, particularly if you have changed bank accounts or moved house.”
Faster prizes
You may also want to check how your prizes are paid, as the system has changed over the years. Mr Grimsditch said: “For many years, Premium Bonds prizes were paid by cheque, which can take significantly longer to arrive than prizes paid directly into a bank account. If you want to receive winnings faster, ensure prize payments are set up to be paid straight into your bank account.”
You can still set up your account so you are sent a cheque for your prize if you want. Another option for being paid your prize is to use the winnings to buy more Bonds. Mr Grimsditch said: “Prizes can also be reinvested automatically back into your Premium Bonds, so it’s worth checking where your prize money is set to go and whether that suits your needs.”
One perk of setting up your account in this way is your new bonds will be eligible for next month’s draw. Otherwise if you buy some Bonds, you have to wait a full calendar month until they are eligible. If your prize has not been paid and you can’t seem to find it, you may want to ask NS&I for help.
Check with NS&I
Mr Grimsditch said: “Contact NS&I if a confirmed prize has not been paid and can’t be traced, they can trace the payment and resolve most issues quickly once details are verified.” Another tip from the financial expert that could save you time is to check your prizes online.
He explained: “Check your prize status directly with NS&I, use the online prize checker or the NS&I app to confirm whether you have won a prize in the current month’s draw. Draws take place on the first day of each month and if a prize has been won, this will appear on the prize checker the following day.
“Checking via the app or website avoids relying on letters or emails, which can be missed or delayed.” Financial journalist Martin Lewis recently shared some tips recently about Premium Bonds and who they would suit as a savings option.
Changes to Premium Bonds
Bond holders may want to note some key changes to Premium Bonds that recently took effect. From the April draw, the odds of each £1 Bond winning a prize fell from 22,000 to one to 23,000 to one. NS&I also cut the prize fund rate from 3.6 percent down to 3.3 percent.
This was the first cut in the prize rate of 2026, after three rate cuts in 2025. The last time the odds of winning fell was in December 2024, when it dropped from 21,000 to one to 22,000 to one.