Premium Bonds: NS&I August prize draw imminent – how to check and claim if you have won

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Premium Bonds are a popular savings method, with an estimated 21 million owning bonds across the country. The system is owned and operated by the National Savings and Investment company, otherwise known as NS&I. NS&I is backed by the government, meaning any money invested in it is 100 percent safe.

Aside from the safety of savings, Premium Bonds specifically allow people to potentially win big through a monthly prize draw. 

A lottery bond system, the more Premium Bonds purchased by any one individual, the more likely it is they could win. 

Any Premium Bond owner is only gambling the interest and not any other funds, so this is often a method taken up by many. 

And the current odds of any £1 Bond number winning any prize stand at 24,500/1. 

Each month, the Premium Bond draw creates two lucky millionaires, with other Britons scooping up significant prizes.

For those who are hoping to win, there are certain methods which make it easy to check. 

The company has developed a prize checker tool, allowing bond holders to check their specific numbers.

This can be accessed online in a quick and easy process, which can provide almost instantaneous results. 

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The Prize Checker can also be accessed through smartphones, and even through Amazon Alexa.

People should also expect to be contacted by post, email or text message, so there is extra reassurance they will not miss their prize. 

If a person discovers they are a winner, then they will be able to access their prize and take action in three methods.

Firstly, a prize can be paid directly into a bank account, ideal for those already registered for NS&I’s online and phone service.

Secondly, prizes may be paid by post in some instances, where NS&I may post a warrant, similar to a cheque, which can then be taken to a bank to receive. 

Finally, savers may choose to reinvest their prize into more Bonds, which can be done either through the company’s online portal, or through the automatic reinvestment form.

To be able to invest in a Premium Bond, a person must put in a minimum of £25, or a maximum of £50,000. 

The interest rate on a Premium Bond currently stands at 1.40 percent.

This, however, does not increase savings, and instead the interest rate goes towards funding the prize draw.

NS&I states this form of saving is ideal for people who want a chance to win a large sum.

It is also perfect for people who want to make the most of tax-free investment opportunities. 

Each prize draw takes place at the beginning of each month, so Bond Holders should stay aware for the August draw. 

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