Every month two people become millionaires through the Premium Bond lottery and thousands of other people win prizes starting from £25. To take part all people have to do is buy bonds of £1 giving them a chance of winning lots of cash prizes and the top cash incentive of £1million. And according to the Government backed savings provider, people are more likely to win if they live in the South West.
Six people from this UK region have won the £1million jackpot this year, winning in March, May, August and September, as well as in December and November 2020.
It’s proof that people in this part of the country are definitely luckier when it comes to winning Premium Bonds as they didn’t account for the region owning the most bonds to start with.
The South West scooped up a quarter (25 percent) of the £1million jackpots – even though they owned just 12.9 percent of all Premium Bonds to begin with.
After the South West, it was people in the South East of the UK who were the next luckiest, this region celebrated four Premium Bonds millionaires in the past year, which works out at 16.6 percent of the total.
On its website, it said: “Each £1 Bond number has an equal chance of winning, regardless of when or where it was bought.
“Over 95 percent of eligible Premium Bonds have been bought since the year 2000.
“So even though Premium Bonds have been on sale for over 60 years, this is why newer Bonds seem to win more frequently.”
Of course there’s no guarantee players will win anything, but many see it as a safe way to invest their money in a Government backed scheme while also having a bit of fun.
On MoneySavingExpert.com, Martin Lewis commented: “You’re actually likely to get less than one percent, and there’s a negligible chance of winning a million.
“If you know and you’re okay with this, then investing in Premium Bonds isn’t a bad plan.”
Winners can choose to receive cheques through the post, have them paid into their bank account or have them automatically reinvested.
Recently the bank made a U-turn on an earlier decision to stop sending cheques to winners, but it is still urging its customers to go digital because it says it’s much safer this way.
NS&I already pays nine out of ten prizes straight to customers’ bank accounts, or by reinvesting into more Bonds.
It said: “If you do still receive Premium Bonds prizes as a cheque in the post, why not switch to a better way?
Premium Bonds are a form of savings account which British people can put money into and take out when they need to.
The interest they get is not set in stone and is determined by the monthly prize draw with the largest amount someone can win being either £1million, £100,000, £50,000 or £25,000.
The winners are drawn on the 1st of every month, so the next British millionaires will be announced on Octoober 1 2021 – it will be interesting to see which region the next winners come from.