By Islam El-Sakka
More than 22 million savers hold UK Premium Bonds, with over £137 billion invested in the government-backed scheme operated by National Savings and Investments (NS&I). Each month, bondholders are entered into a prize draw offering tax-free cash awards ranging from £25 to £1 million, with two £1 million jackpots awarded per draw.
When is October's draw?
The October prize draw takes place on Thursday 1 October. Results are released the following day and can be accessed on the NS&I website.
How to check if you've won
Bondholders can check winning numbers using the NS&I prize checker online by entering their bond numbers. An NS&I mobile app also allows savers to view results on the go.
Prize distribution and odds
Every £1 bond carries a 22,000-to-one chance of winning a prize. The minimum investment is £25 and the maximum is £50,000. Unlike regular savings accounts, Premium Bonds pay no interest; returns come solely from the monthly prize draw. In January 2026, the draw awarded two £1 million prizes, 77 prizes of £100,000, and more than 2.6 million £25 prizes.
Expert analysis on returns
Money expert Martin Lewis calculated an effective "interest rate" of 3.8 per cent when all winnings are averaged across holders, but noted most individuals will not achieve this return. Many standard UK savings accounts currently offer higher and more consistent interest rates.
