Martin Lewis gives updated advice on premium bonds
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Since their launch in the 1950s, millions of people have fallen in love with Government-backed NS&I Premium Bonds because they allow people to save money and withdraw cash at any time. Not only that, but these savings accounts also offer people the chance to win the jackpot prize of £1million pounds.
The NS&I website attempts to answer this guidance on how to boost one’s chances.
How can I boost my chances of winning the NS&I Premium Bonds?
NS&I says each £1 Bond number has an equal chance of winning, regardless of when or where it was bought.
However, the savings provider does explain why newer Bonds seem to be more likely to be picked.
On the NS&I website, it said: “Over 95 percent of eligible Premium Bonds have been bought since the year 2000.”
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It continued: “So even though Premium Bonds have been on sale for over 60 years, this is why newer Bonds seem to win more frequently.
“When ERNIE randomly generates winners, it doesn’t store any numbers, so there’s no way any Bonds can be left out.”
Therefore, it would appear that the only way to improve one’s chances is to own as many £1 Bonds as possible without overstretching the budget.
From February 2019, the minimum bond someone can hold is £17, however savers are able to purchase up to a maximum of £50,000.
Despite this being the only way to increase someone’s chances of winning, some parts of the country seem ‘luckier’ than others.
The South West is the luckiest region with more jackpot winners than any other part of the UK and 70 percent of winners are women, according to official records.
Last month, winners came from Hertfordshire and Lancashire, with the winning bond purchased in October 2015.
This person’s winning bond was valued at £12,000 and they had an overall holding of £50,000 in Premium Bonds.
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It’s worth going onto the NS&I Premium Bonds prize checker to check for previous winnings.
£74million has been left unclaimed in NS&I Premium Bonds prizes since the savings accounts were first introduced.
As well as checking online, people can use the official NS&I Premium Bonds prize checker app or Alexa-enabled device.
Customers will need their Premium Bonds holder’s number and their NS&I number or holder’s number to check via the prize checker app.
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