Other cash prizes on offer on the draw include £100,000, £50,000 and £25,000. NS&I increased the prize fund rate for Premium Bonds in September, from 1.4 percent to 2.2 percent.
One woman who has invested more than £10,000 in Premium Bonds said she continually won prizes, with the biggest prize of £125.
The recent change meant the odds of each £1 Premium Bond number winning a prize improved from 24,500 to one to 24,000 to one.
The change also increased the number of people able to win the £100,000 cash prize from 10 in September to 18 in October.
A person can improve their chances of winning by purchasing more Premium Bonds, and winnings can be reinvested into more Bonds.
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If a person has won, they are usually contacted by NS&I, although sometimes the provider is not able to contact the winner.
This may be due to people moving or changing their contact details without letting NS&I know and this can lead to unclaimed prizes.
People can check if they have won by putting in their details on the prize checker app on the NS&I website.
A person can check this from their mobile or voice apps and people can also use Amazon Alexa to check if they have won.
When a person purchases a Premium Bond, they will receive a unique Premium Bond number which is then entered into the monthly prize draw.
As of October 2022, there are over 119 billion eligible Premium Bonds, each having a value of £1.
Since the start of NS&I’s Premium Bonds draws in 1957, 587 million prizes have been given out to lucky winners with a total value of £23.6billion.
A woman named Sarah, whose name has been changed, told Express.co.uk about how she has won several prizes since investing in Premium Bonds.
She said: “When I divorced, I decided that I didn’t want to buy another property and a friend of mine said to me to put this extra cash that I had into them.
“I’m glad I did! I have pretty much won something every month this year bar two months overall. I actually get a little bit annoyed when I don’t win now.”
She said she doesn’t have a method for her approach to Premium Bonds and relies entirely on her good fortunes.
She said: “I don’t know if it’s true, but I was told a long time ago that the art of it was to take £5,000 out, leave it a week and then get a new lot of numbers because apparently, you have more chance of winning if you have new numbers.
“If I’m honest, I’ve never done that, I have just bought mine and left them. I then just check the app every month and see if I’ve won anything.”