Premium Bonds: NS&I explains how older Bonds can still win big prizes | Personal Finance | Finance

Yesterday, NS&I announced the latest high value prize winners for July 2022, with two lucky millionaires. Premium Bonds date back to the 1950s, and have remained popular amongst Britons ever since.

But many people who have held their Bonds for years will wonder whether they will ever have a chance of winning a prize.

For one lucky millionaire this month, the wait to strike it lucky ended up being nine years.

They purchased their winning Bond back in August 2013, with the number 210ST236184.

However, there were other prize winners who had to wait even longer before securing a high value win.

READ MORE: ‘Little-known’ pension tax rule could see you save on 25% tax charge

“One of our winners waited around nine years to win the jackpot prize, showing that good things really do come to those who wait.

“Starting a regular savings habit now really can have benefits in the future.” previously spoke to Agent Million, the anonymous NS&I worker who tells Britons about their jackpot win.

They discussed prize eligibility, explaining: “The only rule you have to bear in mind when it comes to Bonds is that they have to be eligible to participate in the prize draw.

READ MORE: The ten changes to tax, sick pay and more coming this July

“Each individual number is entered into the draw and has an equal chance to win.

“When you purchase Premium Bonds, if you purchase them, say, throughout the month of January, then you have to hold them for February – and then they will enter the draw from March.

“They will remain in that prize draw and can generate prizes until such time as a person repays them – or in other words cashes in the money.

“Older Bonds can still win, which is the important thing to stress.”

There is an equal chance for older Bonds to win, just as much as those purchased more recently.

However, due to the age of Premium Bonds, Agent Million states many original Bonds have been repaid. 

If a person has passed away since purchasing their Bonds, these are repaid and never reissued to anyone else again.

The first winning Bond number drawn this month was 210ST236184 and it belongs to a winner in Inner London. 

The second winning Bond number drawn was 471RR305957 and the winner comes from Surrey. The winner holds £22,350 in Premium Bonds and purchased their winning Bond in September 2021.

Source link