Each £1 Premium Bond has an equal chance of bagging a prize
NS&I has revealed the lucky winners of the Premium Bonds for the October draw in Devon and across the UK, including two lucky people who scooped a £1million jackpot. The first £1million prize was bagged by a saver from Scotland with winning Bond 498FZ511907, purchased in April 2022, and they previously held £10,150 in Bonds.
The second top prize was claimed by a resident of Greater Manchester, with winning Bond 524KB804512. This bond was bought in January 2023, when they invested just £100 in Bonds, but their total holding going into the October draw was £34,350.
Each £1 Bond stands an equal chance of being matched with a prize, with the odds of any Bond winning currently standing at 22,000 to one. The prize fund rate for the scheme is currently 3.6 percent, having dropped from 3.8 percent since the August draw. This rate has been slashed several times this year, with reductions in both January and April.
Which Devon Premium Bonds holders won a big prize in October draw?
Three savers from the Devon region won an £100,000 prize. The winning numbers were 497EF689178, 501JG130042, and 62MB541287. This last lucky Bond was purchased almost 30 years, in July 1996, when the customer bought £5,000 in Bonds.
There were also three £50,000 prizes for Devon, for winning Bonds 538NX047441, 530FT740583 and 638JW670638. There were a number of Bond holders with small holdings who struck it big in the October draw.
One customer from Scotland with a mere £7 in Bonds won a whopping £50,000 prize. They bought their winning Bond over 50 years ago, in June 1971, when they invested £5 in Bonds.
Another saver from Bromley with just £50 in holdings also took home a £50,000 prize, and a person from Bradford with a small investment of £306 also pocketed a £50,000 prize. It’s worth knowing that the more Bonds you hold, the better your chances of winning a prize.
Many of the big prize winners in the October draw had five-figure total holdings, with some holding the maximum £50,000. You can set up your account so any winnings are used to purchase additional Bonds, boosting your chances of a future win.
Rosie Hooper, chartered financial planner at Quilter Cheviot, said Premium Bonds remain a favoured choice for many savers despite the odds of winning being “relatively low”. She said: “For some, it’s less about returns and more about the enjoyment and peace of mind they offer.
“That said, Premium Bonds aren’t the most effective way to grow your money over time, particularly if you are young.”