NS&I Premium Bonds prize checker updated for September – check to see if you’ve won now
Premium Bonds winning numbers for the millionaire prizes were released yesterday, with September’s jackpot winners coming from Shropshire and Bristol. Both of these winners had £30,000 invested, with the male holder having bought their winning Bond in October 2006. His winning bond number is 116WA622775.
The female winner bought their bond even earlier in October 2003 and her winning number is 84FM963618.
While these details were released yesterday, today, NS&I updated its Prize Checker tool with the entirety of September’s winning numbers.
This means all Premium Bonds holders can check to see if they’ve won a prize, regardless of how low or high it may be. The tool itself can be found on NS&I’s website or downloaded as an app.
To use the tool, users will simply need to enter their holder’s number and press “Go”.
All held Premium Bond’s are grouped together using this holder’s number and it can be found in a “Bond record” or by logging into NS&I’s online service. Holder’s numbers have either nine or 10 digits or, eight digits followed by a letter.
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While the chances of winning a high value prize are slim, September’s total prize fund was valued at over £93million, with 3.2 million prizes up for grabs.
Where holders have won a prize, they will have a number of options available to them. NS&I split Premium Bonds prizes into three value bands – higher, medium and lower – with a percentage share of the monthly prize fund allocated to each band.
The two jackpot prizes are paid out every month and winners are usually updated via text or email.
Holders will be able to choose how they receive any prizes, as the money can be paid directly into a bank account or NS&I Direct Saver or reinvested into more Bonds.
Additionally, NS&I can send winnings in a cheque through the post if the holder prefers, but this can take longer. If holders would prefer this method, they’ll need to call NS&I on 08085 007 007.
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While there are many prizes up for grabs each month, Premium Bond holders now face reduced chances to win. In late 2020, the odds of winning per £1 Bond number were reduced to 34,500 to one, having formerly been 24,500 to one.
This followed on from NS&I reducing the rates on a number of its savings products on November 24, 2020. The cuts saw the annual prize fund rate for Premium Bonds reduce by 40 basis points, from 1.4 percent to one percent.
NS&I Income Bonds were also reduced by 114/115 basis points from 1.15 percent gross/1.16 percent AER to 0.01 percent gross/AER.
The Investment Account available to savers also saw its rate cut from 0.80 percent gross/AER to 0.01 percent, while the Direct Saver saw its rate reduce by 85 basis points to 0.15 percent. ISA accounts and fixed term products were also cut by NS&I.
Addressing the cuts in September 2020, Ian Ackerley, NS&I Chief Executive, said: “Reducing interest rates is always a difficult decision.
“In April we cancelled interest rate reductions announced in February and scheduled for May 1.
“Given successive reductions in the Bank of England base rate in March, and subsequent reductions in interest rates by other providers, several of our products have become ‘best buy’ and we have experienced extremely high demand as a consequence.
“It is important that we strike a balance between the interests of savers, taxpayers and the broader financial services sector; and it is time for NS&I to return to a more normal competitive position for our products.”
Currently, NS&I offers the following interest rates on its range of savings products:
- Premium Bonds: One percent annual prize fund rate
- Junior ISA: 1.5 percent
- Income Bonds: 0.01 percent
- Direct ISA: 0.1 percent
- Direct Saver 0.15 percent
- Investment Account: 0.01 percent
These cuts appeared to have shaken savers’ commitment to NS&I following their announcement and introduction. In January 2021, Bank of England data showed NS&I savers withdrew £6.2billion from accounts held with the Government-backed savings institution in November 2020.
More recently, data from NS&I itself showed nearly £13billion had been withdrawn from the company between April and June 2021. Since the start of 2021, £200million has been withdrawn from NS&I accounts, with the overall outflow topping £12.2billion over the three-month period.
In response to these figures, NS&I stated: “The impact of the interest rate reductions made by NS&I towards the end of 2020 has continued to be reflected in the volume of outflows NS&I experienced in Q1 2021-22, while the opening up of the economy has also had an effect on savers’ behaviour.”
It should be noted while savings products across the industry are low at the moment, recent evidence showed NS&I is one of the few providers to see customers leave as a result of this. In July 2021, Hargreaves Lansdown examined where savers were keeping their money and NS&I saw huge withdrawals overall in comparison to its counterparts, as the following details:
- Cash in accounts not paying interest: Change in balances in May – £834million, balances outstanding – £243.7billion
- Easy access (paying interest): Change in balances in May – £7.55billion, balances outstanding – £937.7billion
- Fixed rate accounts: Change in balances in May – £1.15billion fall, balances outstanding – £151.9billion
- Cash ISA: Change in balances in May – £23million, balances outstanding – £296.8billion
- NS&I: Change in balances in May – £129million fall, balances outstanding – £202.8billion
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