Home Finance Premium Bonds alert as saver queries 'very unusual' prize draw and NS&I...

Premium Bonds alert as saver queries 'very unusual' prize draw and NS&I responds

A worried Premium Bonds saver has issued a demand to NS&I after failing to win a prize for the entire month of June.

Normally, Premium Bonds return an average of about 4.4 percent per year but the number can be a lot higher or lower depending on your luck.

The Premium Bonds holder wanted to know if the prize fund had changed after they ‘won no prizes’ in June.

The alarmed customer asked over X: “What went wrong with the June draw. Neither myself or any of my immediate relatives or friends won a penny.

“Very unusual indeed. Have you reduced prizes?”

The provider responded to explain the situation, saying: “We have not reduced the amount of prizes in June’s draw.

“ERNIE (our Electronic Random Number Indicator Equipment) generates numbers completely at random.

“While ERNIE randomly generates winning numbers, he doesn’t store any numbers, so there’s no way any Bonds can be left out of the draw.

“We match the numbers generated against eligible Bond numbers to determine the lucky winners.

“Every Bond number has a separate and equal chance each month of winning a prize. The more Bonds you hold the better your chances of winning.”

The prize fund rate for Premium Bonds is currently 4.4 percent, with each Bond having a 21,000 to one chance of being selected for a prize.

A person can increase their chances of winning by buying more Bonds. People often use their winnings to purchase more Bonds.

Each saver can hold up to £50,000 in Premium Bonds and each time you buy more, you have to purchase at least £25 worth.

Another saver recently asked about how to conslidate several small pots of Bonds into a single lump.

They asked: “I have quite a few Bonds of small amounts and would like to get them all into one lump.

“Is there a way of doing this without cashing them all in and re-purchasing again without losing a month’s draw?”

The savings provider said in response: “If you would like to change your smaller value Bonds into one larger value Bond, you would be required to cash in all of the Bonds and repurchase as one lump sum.

“Therefore, you would be required to wait the one full calendar month for the newly purchased Bond to be eligible for prize draws.”

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