November premium bond winners – are the prize draws worth it?

Two lucky Premium Bond holders have won £1 million each in the latest National Savings & Investments (NS&I) monthly prize draw.

Winners from Warwickshire and Cornwall. A further 89 bondholders received the next highest prize of £100,000.

If you missed out on a prize this month, you’ll be disappointed to learn that your chances of winning will be worse, with almost 300,000 fewer prizes up for grabs next month.

So is it worth investing in premium bonds? Read on to find out more about this month’s winning numbers and why the NS&I Prize Draw remains so popular among savers.

November 2024 Premium Bond Winners

We receive premium bond jackpot winners and prize draw details the day before full results are made available to bondholders.

This means we can find that the first winning bond (286CJ469715) was purchased by the lucky winner living in Warwickshire and is part of a total fund of £50,000. The winning bond was purchased in November 2016.

The second winner, from Cornwall, bought their bond (567MN061686) in January 2024. Their total assets are £38,000.

• Find out more: Should I get premium bonds?

How many winners were selected in July?

Just over six million prizes were awarded in the November draw, totaling £463 million.

Of these, 99% of prizes were worth £100 or less.

Source: NS&I, November 1, 2024

Less chance of winning since December

Based on the results of the December drawing, the premium bond prize fund rate will decrease from 4.4% to 4.15%.

The odds of winning any prize will also worsen to 22,000 to 1 from the current 21,000 to 1. These are the worst odds since August 2023.

NS&I says the cuts are in response to falling savings market rates. It is estimated that around £28 million will be cut from the total value of prizes and the total number of prizes will be reduced by almost 300,000.

There will still be two jackpot winners, but the number of prizes worth between £5,000 and £100,000 will be reduced by 209.

The total number of smaller value prizes valued between £50 and £1,000 will also be reduced by 284,000. However, £25 prizes (the minimum amount you can win) will be increased by 10,866.

The chances of winning are slim – so why buy?

Your chances of winning on a premium bond are pretty slim, and a new survey by Hargreaves Lansdowne shows that six in 10 premium bondholders know they would be better off opening a savings account that offers a guaranteed return.

If people know the odds are against them, why do they play? To answer this question, we weigh up the pros and cons of investing in one of the UK’s most popular savings products:

Pros

• Win a big cash prize: The thrill of excitement and the chance to become a millionaire overnight are reason enough for many people to buy premium bonds. And unlike gambling, you won’t lose money if your numbers don’t come up.
• Very safe: Funds held in Premium Bonds are backed by HM Treasury, so your money is invested safely.
• Not taxed: you can buy up to £50,000 worth of premium bonds and you won’t have to pay a penny to HMRC for cash prizes. This can be especially useful if you have exceeded your personal savings allowance.
• Instant Access: Unlike some savings accounts, there are no withdrawal limits and you can withdraw as much money as you want, whenever you want.
• Small starting deposit: You can start saving from as little as £25.

Cons

• You can’t win anything: the chances of becoming a millionaire are negligible, but recent analysis of NS&I data Author AJ Bell shows that most current premium bondholders have gained nothing at all. It really is the luck of the draw.
• No interest: Not only may you end up winning nothing, the money invested in premium bonds does not earn any interest. For guaranteed income, it is better to open a savings account. Take a look at our guide to the best savings accounts for the latest best rates.
• Low Max Balance: The maximum you can hold in premium bonds is £50,000. Savings accounts, on the other hand, allow you to save much more money. The current best one year fixed term bond saves up to £1 million and offers a market leading rate of 5% AER.
• Yesyou will have to wait to win: Premium Bonds are only eligible after they have been held for one full calendar month.