Premium Bonds prize winners introduced for October draw together with £1m winners
Each £1 Premium Bond has an equal chance of winning a prize
NS&I has announced the big prize winners for Premium Bonds for the October draw, including the £1million jackpot winners. The first £1million prize was for a customer from Scotland with winning Bond 498FZ511907, which they purchased in April 2022. They previously held £10,150 in Bonds.
The second jackpot prize was won by a person from Greater Manchester, with winning Bond 524KB804512. They purchased this in January 2023, when they bought just £100 in Bonds, but their total holding going into the October draw was £34,350.
Each £1 Bond has an equal chance of being paired with a prize, with the odds of any Bond winning currently at 22,000 to one. The prize fund rate for the scheme is 3.6 percent, having fallen from 3.8 percent from the August draw.
READ MORE: Two-child benefit cap to be lifted in weeks in huge DWP change
The rate has been reduced several time this year, with reductions in January and in April. There were several Bond holders with small holding who won big in the October draw.
One person from Scotland with just £7 in Bonds won a £50,000 prize. They bought their winning Bond over 50 years ago, in June 1971, when they bought £5 in Bonds.
Another saver from Bromley with just £50 in holdings also won a £50,000 prize and a person from Bradford with just £306 invested also bagged a £50,000 prize. It’s worth noting that the more Bonds you have, 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 buy more Bonds, increasing your chances of a future win.
Rosie Hooper, chartered financial planner at Quilter Cheviot, said Premium Bonds remain a popular 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.”
