Published On: Wed, Sep 4th, 2019

How are Premium Bonds drawn? NS&I on what determines prize winners in monthly draw | Personal Finance | Finance

The NS&I agency is both a government department, and an Executive Agency of the Chancellor of the Exchequer. Customers may choose to buy NS&I products, which are backed by the government. The investors are lending to the Government, and in return, the Government pays interest. However, this is not earned per Premium Bonds holder.

Rather, it is provided as so-called prizes for some Premium Bonds “winners”.

The prize levels each month range from £35 up to £1 million.

The prize draw is carried out randomly, using what is known as Electronic Random Number Indicator Equipment – or ERNIE – which is powered by quantum technology.

Each month, the results of a new prize draw are revealed.

In September 2019, there were more than 3.3. million prizes to be scooped.

The prize fund this month is in excess of £96 million.

So, who won this month’s top prize of £1 million?

There were two lots of £1 million up for grabs, and NS&I have shared some details about the Bond holders online.

Both winners are male, with one being from Hertfordshire.

He had £50,000 invested, but his Winning Bond was purchased in January 2019, and has the code: 350AS143074.

The other £1 million Winning Bond is 319ML537267.

It was purchased in January last year by a man from Surrey.

He has a holding of £41,595, NS&I said.

While Premium Bonds cost £1 per bond, the minimum amount a person can invest is £25.

There is also an upper limit, with this being £50,000 of this savings product.

The odds of winning a prize are 24,500 to one each month, for each £1 unit.

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