The winners of the January Premium Bond draw have been announced today, with two people scooping a top prize of £1 million.
National Savings & Investments (NS&I) has revealed the first winners of the year, with more than 80 bond holders winning the second top prize of £100,000, and more than 150 people scooping £50,000.
Premium Bonds are a popular method of saving where instead of earning interest on your money, you are entered into a monthly prize draw. Premium Bond holders are allowed to hold up to £50,000 in savings. Winners for prizes between £25 and £50 are drawn at the start of each month.
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In January, the first £1 million prize went to a very lucky bond holder in Gloucestershire, who only purchased their winning bond in November last year. The second £1 million prize went to a winner in Liverpool, who purchased their winning bond in March 2022 and has holdings worth £37,025.
Dozens more people won prizes of £100,000, including a winner in Cleveland with holdings of just £1,501. One Premium Bond holder with holdings of just £15 won a £10,000 prize after purchasing their winning bond in 1965.
There were 39 winners from Greater Manchester, including one with holdings of £401 who won a prize of £25,000. One player in Greater Manchester got the second top prize worth £100,000 with their holdings worth £21,000.
From this month’s draw the prize fund rate become less generous after cuts to the interest rate. The prize fund rate is now 4 per cent, down from 4.15 per cent in December. The odds of winning in the January draw were 22,000 to one.
NS&I, which is backed by the Treasury, has a duty to balance the needs of savers, taxpayers and the wider financial market. The Bank of England base rate has been cut twice this year.
Andrew Westhead, NS&I retail director, said: “We carefully review our savings rates in response to changes in the broader market. These adjustments help us meet our net financing target while balancing the interests of our savers, taxpayers and the wider financial services sector.
“Premium Bonds remain a popular choice for millions of savers, backed by the 100% Government guarantee, with the January 2025 draw set to deliver over 5.8 million tax-free prizes worth more than £431 million.”
You can find the full list of January’s winners on the NS&I website here.