Premium Bonds, a lottery system run by NS&I, operates a prize draw each month, with the top prize standing at a staggering £1 million. Amid the coronavirus crisis, some Britons could be waking up substantially richer – who won in May? This month, two lucky winners clinched the £1 million Premium Bond prize, a welcome reward.
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The first winner is a man from Inner London, who had £50,000 invested.
He won with the bond 344ZE146007, which he bought in November 2018.
The second millionaire is a woman from Gloucestershire, who had invested £34,000.
She won with the bond number 366AP81764, which was purchased only months ago in August 2019.
The lucky millionaires were not the sole prize winners this month, with many other Britons entitled to substantial prizes.
Six fortunate people can claim their £100,000 prize, with an extra 13 entitled to £50,000.
25 winners can claim £25,000, and many more have won £10,000.
Premium Bonds have been issued in the UK since 1956, predating the famous National Lottery draw.
They are a type of lottery bond which the government pays interest into, with a monthly prize draw providing select bondholders with a payout.
It is estimated approximately 21 million Britons own Premium Bonds, and because this is a lottery bond, the more you buy, the greater your chances of winning.
As NS&I is government-owned, there is no risk to any capital placed into a Premium Bond by the owner, as it will never go bust.
The organisation is supported by the Treasury, meaning any Premium Bond owner is only gambling the interest and not any other monetary funds.
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Prize winners are calculated by NS&I’s automated system ERNIE – the Electronic Random Number Indicator Equipment.
It generates numbers at random which are then matched against bond numbers to determine the winners.
The government-backed organisation is currently on ERNIE number 5.
According to NS&I: “ERNIE 5 is powered by quantum technology, which uses light.
“This new technology allows ERNIE to produce enough random numbers for a monthly prize draw in just 12 minutes – 42.5 times faster than its thermal predecessor at the end of its number-generating career.”
Anyone aged 16 or over can buy bonds, and you can buy from £25 up to £50,000 in total.
There is no interest earned on your bonds, instead, the interest rate funds a monthly prize draw for tax-free prizes.
Those who believe they may have won a prize are encouraged to visit the NS&I website to check their bond number.
NS&I provides a quick and easy to use calculator which allows bond holders to enter their number, with the hard work done for them.
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