This week, rate reductions from NS&I – which stands for National Savings and Investments – came into force. Among the savings products affected were Premium Bonds.
This machine generates random numbers for each monthly draw, and this is how the winners are determined.
Amid the changes, many may well be wondering about the likelihood of themselves winning a prize.
It seems it’s something which many people do enquire about, as NS&I has addressed the matter in its Frequently Asked Questions (FAQs) on NS&I’s Adviser Centre.
The query reads: “Do only people in the South East of England win the £1million jackpot?”
Clearing up the misconception, the government-backed savings provider explained this is not the case at all.
However, there is a reason why some may assume this.
“If it seems that more prizes are won by holders in the South East, that’s because there are more Bonds held there compared with the rest of the UK,” NS&I said.
“However, winners regularly come from other parts of the country.
While the latter had a maximum holding of £50,000, the former had £39,375 invested.
In the same month, there was seven winners of a £100,000 payout.
Jill Waters, NS&I’s Retail Director, said: “We’re absolutely delighted for our two winners in Devon and West Sussex and would like to congratulate them on winning this huge sum of money. Part of the everlasting magic of Premium Bonds is that chance to be surprised and delighted each month, and our two winners will know more than anyone else how great that can feel.
“Premium Bonds continue to evolve and from December’s prize draw, we will be starting to phase out prize warrants.
“Customers should provide NS&I with their bank and contact details so they can receive their prizes quicker, easier and more securely.”