Premium Bonds prize draw dates UK: When is the premium bonds draw each month?

Will I be contacted if I’ve won?

The easiest way to see if you’ve won a cash prize, or if you’re one of the month’s big winners is to use the NS&I prize winner checker online, or the Premium Bonds prize checker app.

If you manage to overcome the huge odds and win the jackpot prize of £1 million, you can expect a personal visit from NS&I.

It’s so important to make sure you keep your contact details up to date, and if you’ve recently moved house, you can find out more about changing your address on the NS&I site.

If your details have been out of date for some time, it’s also worth finding out if you have any unclaimed prizes with your name on them.

What are Premium Bonds?

Premium Bonds are a unique form of savings account where you buy bonds from the government and are then be entered into a monthly prize draw. They were launched in 1956, when over half a million customers invested with NS&I (National Savings & Investments), and since then they have become increasingly popular, now holding 3 million accounts.

By investing your money into Premium Bonds, you get a chance to win tax-free prizes each month, whilst the original value of the money and the unique bond number remains secure.

Effectively, you invest money in a savings account from NS&I and buy £1 bonds, which each have an equal chance of winning a cash prize each month.

Premium Bonds are an investment product, but instead of earning interest each month, you’re entered into a monthly prize draw.

On the one hand, Premium Bonds provide an opportunity for people to potentially increase their overall wealth by winning a big prize. However, on the other hand, some may view them as yet another type of gambling due to the nature of the prize draw system.

When is the Best Time to Buy Premium Bonds?

The best time to buy Premium Bonds will largely depend on how that money is currently being used.

Generally speaking, bonds need to be held for a full month in order to be eligible to win. So any bonds you purchase in April, will be in the draw in May. This means there isn’t necessarily a ‘best time’ although if the money you are using is currently earning interest, it is recommended that you purchase your bonds near the end of the month, in order to reduce the amount of time that money is not earning interest, and not eligible to win the bonds draw.

However, don’t leave it too late, as it can take up to a week for the NS&I to transfer the funds.