Premium Bonds: Experts share how to improve your chances of winning April’s £1million priz | Personal Finance | Finance

Premium Bonds are a savings product administered by National Savings and Investment (NS&I), which allows bondholders to deposit and withdraw money from their accounts whenever they want. Compared to other savings accounts, interest is acquired through a monthly prize draw which sees savers win up to £1million. Currently, the annual prize fund rate for Premium Bonds stands at one percent but this is subject to change.

Furthermore, the present odds of someone winning per £1 bond is 1 in 34,500.

Usually, two winners win the £1million prize draw every month and April is likely to be no exception.

At the beginning of each month, NS&I announces the winners of the Premium Bonds prize draw.

The next winners are set to be announced on April 1, 2022. Ahead of this announcement, savers will be looking for ways to improve their odds of winning and becoming Premium Bonds millionaires.

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After the announcement of March 2022’s winners, Jill Waters, the retail director for NS&I, shared how Premium Bonds investors can boost their chances of winning the top prize in the coming months.

Ms Waters explained: “A massive congratulations to our new Premium Bonds jackpot winners from Devon and Cheshire.

“This really is a life-changing sum of money and we wish them all the best for the future.

“Aside from our two jackpot winners, this month, ERNIE will be paying out more than 3.3million other tax-free prizes worth £97,337,100, surprising and delighting people up and down the country.

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“Yet as the name suggests with fixes, your money’s locked away, while with Premium Bonds, you have access to your cash. So if you want to save longer, but keep access to your money, they’re a decent option.”

Discussing the benefits of the NS&I savings account, Mr Lewis said: “Premium Bond prizes are tax-free, but so is savings interest for 95 percent of people.

“Yet if you’re one of those who earns more interest than your personal savings allowance, then if you’ve a decent amount in bonds, they’ll usually be the clear winner (especially as cash ISA rates are poor).”

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip