NS&I, which is backed by the Treasury, has shared details of the huge windfall for the lucky Premium Bonds holder.
Warning for NS&I customers who’ve taken out Premium Bonds since 2010
An NS&I saver with £900 in Premium Bonds has managed to scoop a £100,000 cash prize from bond they bought in 2010. NS&I, which is backed by the Treasury, has shared details of the huge windfall for the lucky Premium Bonds holder.
One Stoke-on-Trent in Staffordshire resident has won £100,000 with total holdings of just £913. Their winning Bond, numbered 168YJ252329 and worth £400, was purchased in June 2010.
But savers are being warned to check accounts to see if they have unclaimed prizes. To check if you’ve won a prize on Premium Bonds, you can visit the NS&I checker on its website and enter your bond numbers.
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Speaking out over the likelihood of winning in the monthly draw, Tom Francis, the head of Digital Advice at Octopus Money, has had his say.
He told NS&I savers: “Premium Bonds give you a chance to win big – but it’s a slim one, and you’ll likely be left waiting.
“Our research shows Premium Bond holders wait an average of 3.5 years before they win a penny, and the odds are skewed towards those with the biggest holdings: 94 per cent of jackpot winners held over £10,000.
“For the vast majority of everyday savers, they are failing to deliver returns while the money loses value to inflation.
“Even I’ve been tempted by the thrill of a prize draw, but if you have failed to win month after month, it might be time to think about where else you could put your money to make it work harder for you.
“Cash ISAs deliver reliable returns, while for many a Stocks and Share ISA can be a great first step into investing.”
Money Saving Expert, the site from Martin Lewis, the BBC and ITV star, says: “Though this interest rate can go up and down over time, you know exactly what you’ll earn at any given point – so it still provides more certainty than Premium Bonds, where many saving the same £1,000 would win nothing.
“Many people often think: “I’m likely to get the prize rate (or thereabouts) – and there’s a small chance of winning a million”, but this isn’t correct. You’re actually likely to get quite a lot less than the new and current prize rates of 3.6% and 3.8%, and there’s a negligible chance of winning a million.
“If you know and accept this, then investing in Premium Bonds isn’t a bad plan.”
