Premium Bonds Customer Reviews & Expert Rating

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Premium Bonds Customer Reviews

4.5

16 Good Money Guide users have given this provider a review rating of 4.5 out of 5 based on their genuine experience.

Excellent69%
Very good12%
Average19%
Poor0%
Terrible0%

Tell us what you think of this provider.

1-2 months not 3

5th January 2025

This article and review suggests in more than one place that you have to save for 3 months to participate in the draw. NS&I says you must save for one whole month to be eligible. So it is 1-2 months before eligibility not 3.

Colin

Prize every month

31st October 2024

. My capital is 100% safe.With the maximum amount permitted (ยฃ50,000), I have a prize every month since I started a year ago. (Once ยฃ400!) My investment is 100% safe. I put winnings into a NS & I ISA. I win all ways!

Barry Twist
Verified

Good

29th July 2024

Good

Andrew Younie

fair.

29th July 2024

fair.

jonathan bryant bourn

Safe and rate ok when…

24th July 2024

Safe and rate ok when interest rates are high

Clive Rees

Short and sweat opening account…

19th July 2024

Short and sweat opening account procedure

Christopher S Sole

Good

15th July 2024

Good

Ian Ogilvie

No thoughts

13th July 2024

No thoughts

Malcolm Fisher

A very efficient state web…

12th July 2024

A very efficient state web platform with good support

Brian G Muirhead

very clear info

10th July 2024

very clear info

Rhoda Volpe

Premium Bonds Expert Review

Premium Bonds Review: Like the lottery but you get your money back

Is it worth buying Premium Bonds?

Yes, Premium bonds are like the lottery, but you get your money back if you don’t win. If you don’t want to lose money and are happy to sacrifice lower than inflation returns in the hope of winning ยฃ1 million, Premium Bonds are a great way to save in short to medium term as your money is guaranteed by the Government.

Pros

  • ยฃ1m prize potential
  • Government-backed
  • Easy access

Cons

  • Potentially better returns in the stock market
  • One-month ownership needed before entry to the prize pool
  • Worse than inflation savings average returns
  • Excellent
    (5)
Overall
5

What Are The Premium Bond Prize Draw Dates?

The prize draw for NS&I Premium Bonds happens on the first working day of each month, but NS&I donโ€™t release the results until midnight. That means theyโ€™re released between the 1st and 3rd of every month, and bond holders can check them the next day.

Premium Bonds Prize Dates 2025:

NS&I Premium Bond prize draw date
Wednesday, 1st January, 2025
Monday, 3rd February, 2025ย 
Monday, 3rd March, 2025
Tuesday, 1st April, 2025 – Next premium bond draw date
Thursday, 1st May, 2025
Monday, 2nd June, 2025
Tuesday, 1st July, 2025
Friday, 1st August, 2025
Monday, 1st September, 2025
Wednesday, 1st October, 2025
Monday, 3rd November, 2025
Monday, 1st December, 2025

What Happens On The Date The Prize Draw Is Made?

NS&I release the results at midnight on the day theyโ€™re drawn. Bondholders can check their results on the NS&I website using their holder number, and many sites will publish the results first thing in the morning.

Premium Bond prizes range from ยฃ25 to ยฃ1 million. If youโ€™re lucky enough to win the big one, you wonโ€™t have to wait to check your results. Instead, someone from NS&I will get in contact on the day of the draw.

Premium Bond Prize Amounts

Hereโ€™s an outline of the recent prize amounts on offer, and the changes in the prize fund rate since 2008.

Prize bandPrize valueAugust 2023 drawSeptember 2023 draw
Higher value bandยฃ1 million22
ย ยฃ100,0007777
ย ยฃ50,000154154
ย ยฃ25,000307309
ย ยฃ10,000769770
ย ยฃ5,0001,5381,540
Medium value bandยฃ1,00016,18216,211
ย 50048,54648,633
Lower value bandยฃ1001,874,2181,877,450
ย ยฃ501,874,2181,877,450
ย ยฃ251,700,7281,703,721
Total prizesย 5,516,7395,526,317
Total valueย ยฃ404,560,900ยฃ405,263,025

Do They Contact You If You Win Or Do You Have To Check It Yourself?

Yes, NS&I will contact you if youโ€™ve won a Premium Bonds prize. This might be via email or letter, depending on which youโ€™ve selected. With that said, if NS&I donโ€™t have up to date contact information, they might not be able to get hold of you.

Thatโ€™s why there are currently over two million unclaimed prizes worth over ยฃ80 million. Thereโ€™s even two prizes worth ยฃ100,000 waiting for their owner.

You can check your results on the NS&I website by entering your bond holder number. That holder number is attached to all the bonds youโ€™ve purchased, even old paper bonds, so you can login and see all your bonds in one place.

If you donโ€™t want to use the online or phone service, you can also write to NS&I to request a record of the bonds you own.

Premium Bond Alternatives

I don’t think there are any comparable savings products on the market. Premium Bonds are unique, because they are government-backed, have a sense of humour (numbers are picked by ERNIE), and, amazingly for the UK Government, customer service is fantastic. You can call them, live chat, and email, or if you are that way inclined you can send a letter.

You can see a list of some other prize draw savings accounts below, but they are mainly marketing gimmicks. Or you can save money in high-interest accounts through one of these savings platforms.

Prize Savings AccountTop PrizeMinimum DepositEquivalent Interest RateOdds of Winning
NS&Iโ€™s Premium Bondsยฃ1,000,000ยฃ254.00% prize fund rate22,000 to 1.per ยฃ1 bond
The Halifax Savings Prize Drawยฃ100,000ยฃ5,000VariesVaries monthly based on participants
Family Building Societyโ€™s Windfall Bondsยฃ50,000ยฃ10,000BoE rate: 4.75%ย  (From 1 Feb 2025 BoE rate minus 1%: 3.75%)1 in 714
Chip Prize Savings Accountยฃ10,000Minimum average balance of ยฃ100.Prize rate varies. No interest.Varies monthly based on participants
Coventry Building Society Sunny Day Saverยฃ500ยฃ10 each calendar monthInterest rate of 6.25%. Prize rate varies.Varies monthly based on participants
Kent Relianceยฃ1,000ยฃ100Interest rate of 4.35% for balances over ยฃ1,000. Prize rate variesVaries monthly based on participants
Serve and Protect Prize Draw Savingsยฃ5,000ยฃ1 Prize rate varies. No interest.Varies monthly based on participants. (must be employee of emergency services, military or prison service).

What Are Premium Bonds?

Premium bonds are a Government-backed savings account where instead of getting interest, you are entered into a monthly draw to win up to ยฃ1,000,000. They are a great way to save in the short time (with quick access) and where you are guaranteed not to lose any money.

What Are The Chances Of Winning With Premium Bonds?

I’ve never actually won anything massive but Premium Bonds are like playing the lottery, but you get your money back. You’d have to be an absolute idiot to buy ยฃ10,000 worth of lottery tickets because the odds are 45 million to 1 to win an average of ยฃ6.5m (in 2022). But, if someone told you that you could play the lottery every month, but get your money back, I think you’d be a little more inclined to have a punt.

If you’re interested this is what I’ve won over the years:

  • I’ve personally had lots of small wins and won ยฃ500 and spent it on a weekend away
  • My family won some and took us around Africa for a month. We went on safari to the Ngorongoro crater and climbed Mt Kilimanjaro
  • My middle child won ยฃ1,000 from ยฃ100 – we reinvested it in premium bonds, put some in her GoHenry JISA and bought her a laptop for her dyslexia.

Should You Buy Premium Bonds?

Yes, you should.

I should first disclose before reviewing premium bonds that I have been one of the lucky ones. I have won, my parents have won and my children have won. I’m sure my review would be different if I’d been saving with NS&I for 30 years and never won, but I have and just like horse racing, if you win it is great, if you lose it is terrible.

Ever since I was born my parents and grandparents have bought me premium bonds. Just ยฃ10 every birthday, but we still won every now and again. Nothing major, back in the days when you got letters about how your winnings had been reinvested. It was my first introduction to investing, and to be honest it was great. The message was clear.

If you save instead of spending you will end up with more money than you started with.

Over the years, I’ve dipped in and out of Premium Bonds, because, let’s face it – saving is the most boring thing in the world. Even with interest rates so high and the possibility that you can earn 5% on your money, that is still a pretty dull return. If you put ยฃ10,000 of your hard-earned money in a fixed bond at 5% you’ll earn ยฃ500 a year. But, if you put ยฃ10,000 in Premium Bonds you might just win ยฃ1m.

I’ve always used Premium Bonds as a safe place to store money that I might need in a few years. So the interest return is fairly negligible compared to the potential wins and the benefit of winning a million quid.

Here’s why and when you should buy premium bonds…

  • If you have a little bit of money – you can’t lose, if you don’t win you can get your money back
  • If you have lots of money – you need to spread your risk around lots of savings accounts in case they go bust and have a better chance of winning
  • If you might need your savings back soon – sure, you have to save for three months before your bonds are entered into the draw, but you’re still in with a chance and can get your money back quickly
  • If you are a long-term saver – to be honest there are better returns elsewhere for long-term savers, but you can’t put a price on dreams, hope, and what-ifs…

Historical Interest Rate Payments For NS&I Premium Bond Draws

Even though the payments from Premium Bonds are a prize, and not an interest rate, the amount of the total prize pool still moves broadly in line with rates. That means that the total prize pool for these savings accounts has been increasing as the Bank of England has been raising rates.

Draw MonthPrize Fund Rate
Mar-244.40%
Sep-234.65%
Aug-234.00%
Jul-233.70%
Mar-233.30%
Feb-233.15%
Jan-233.00%
Oct-222.20%
Jun-221.40%
Dec-201.00%
Dec-171.40%
May-171.15%
Jun-161.25%
Aug-141.35%
Aug-131.30%
Oct-091.50%
Apr-091.00%
Dec-081.80%
Nov-082.85%
May-083.40%

Premium Bonds Compared To The Stock Market๐Ÿ“ˆ

Traditionally, the stock market has provided some of the best investment returns compared to premium bonds. However, you should be aware that even though you have a better chance of making more money by investing in the stock market, there is also a chance that you could lose money.

So, if you are prepared to take on some risk in the hope of better returns and have time on your side the stock market could be a better alternative.

However, if you definitely don’t want to lose any money and just want a safe haven for your money, Premium Bonds are a great option.

You can invest in the stock market through one of our recommended investment platforms.

How to buy Premium Bonds

In this guide, we'll take you through the process of buying premium Bonds. How to do it, what you'll need and give you some tips on how to make more of your money.

How to Buy Premium Bonds
Time Needed: 30 minutes
Minimum Cost: 25 GBP

Basic Requirements:

- Computer or Mobile Phone
- Internet Connection.
- Money

Specific Requirements:

- NS&I Number
- UK Address
- Tax Identification Number (TIN)

Steps to buying Premium Bonds

Step 1: Open an account with NS&I
You can open a NS&I account to buy premium bonds online. You'll need to add your address and tax identification number too.
Buying Premium Bonds step 1
Step 2: Choose who you are buying them for
You can have premium bond accounts for yourself and your children. So choose if you are buying your own premium bonds or buying some for your children.
Buying Premium Bonds step 2
Step 3: Decide how much you want to buy
You can buy a minimum of ยฃ25 worth of premium bonds online up to a maximum of ยฃ50,000 for each person you hold an account for.
Buying Premium Bonds step 3
Step 4: Pay for your Premium Bonds
Steps for your HowTo Schema instructions. It can be a single step (text, document or video) or an ordered list of steps (itemList) of HowTo Step.
Buying Premium Bonds step 4
Step 5: Check to see if you have won
Premium bond winners are announced on the first business day of each month. If you have bought them online you will see a notification in your account and also be posted a letter. You can also decide if you want a cash pay-out or to automatically buy more premium bonds.
Buying Premium Bonds step 5
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