Current Premium Bonds figures
Prize fund rate 4.35% a year and odds of 21,000 to 1 per £1 bond, from the September 2026 draw (previously 3.80% and 22,000 to 1). That draw paid 6,529,868 prizes worth £497 million. Minimum holding £25, maximum £50,000. Prizes are free of UK Income Tax and Capital Gains Tax. Source: NS&I. Checked 20 September 2026.
In brief
Premium Bonds are a savings product from NS&I, backed by HM Treasury, so the money put in is not at risk. They pay no interest; each £1 bond is entered into a monthly prize draw run by ERNIE. From the September 2026 draw, the annual prize fund rate is 4.35% and the odds of any £1 bond winning are 21,000 to 1. The prize fund rate is not a return any individual receives.
- Premium Bonds are a savings product from NS&I, backed by HM Treasury.
- From September 2026, the prize fund rate is 4.35% and odds are 21,000 to 1.
- The prize fund rate is not a return any individual receives.
Figures from the September 2026 draw. Checked 20 September 2026.
Where the rate and odds stand now
| Annual prize fund rate | 4.35% (was 3.80%) |
| Odds per £1 bond, per draw | 21,000 to 1 (was 22,000 to 1) |
| Prize pot, September 2026 draw | £497 million across 6,529,868 prizes |
| Minimum and maximum holding | £25 minimum, £50,000 maximum per person |
| Tax | Prizes free of Income Tax and Capital Gains Tax; outside the Personal Savings Allowance |
| Capital protection | 100% backed by HM Treasury |
How Premium Bonds work and the ERNIE draw
Premium Bonds are a savings product from NS&I, backed by HM Treasury, so the money put in is not at risk. They pay no interest. Instead, each £1 bond is entered into a monthly prize draw run by ERNIE. Bonds must be held for one full calendar month before entering a draw, so a bond bought in May first enters the July draw. Prizes reinvested enter the next draw immediately. The September 2026 draw paid 6,529,868 prizes worth £497 million, including two £1 million prizes and 95 prizes of £100,000. There are over 22 million holders.
What the prize fund rate really means and why a typical holder wins less
The prize fund rate is the share of the total holdings paid out in prizes across all holders in a year. From the September 2026 draw, the annual prize fund rate is 4.35%, up from 3.80%, and the odds of any £1 bond winning are 21,000 to 1, improved from 22,000 to 1. The rate is not a return any individual receives. Because a small number of large prizes take a big share of the fund, the typical holder wins less than the rate implies. Most prizes are £25, £50 or £100.
Every prize in the September 2026 draw
| Prize | Number of prizes |
|---|---|
| £1,000,000 | 2 |
| £100,000 | 95 |
| £50,000 | 192 |
| £25,000 | 381 |
| £10,000 | 954 |
| £5,000 | 1,909 |
| £1,000 | 19,882 |
| £500 | 59,646 |
| £100 | 2,365,010 |
| £50 | 2,365,010 |
| £25 | 1,716,787 |
Source: NS&I published prize allocation for the September 2026 draw. The fund is split 10% higher value, 10% medium value and 80% low value, which is why the great majority of winners receive £25 to £100.
Your chance of winning anything, by holding
| Holding | Chance of at least one prize in a month | Roughly | Prize fund rate applied to that holding, a year |
|---|---|---|---|
| £100 | 0.5% | 1 in 210.5 | £4 |
| £500 | 2.4% | 1 in 42.5 | £22 |
| £1,000 | 4.7% | 1 in 21.5 | £44 |
| £5,000 | 21.2% | 1 in 4.7 | £217 |
| £10,000 | 37.9% | 1 in 2.6 | £435 |
| £20,000 | 61.4% | 1 in 1.6 | £870 |
| £50,000 | 90.8% | 1 in 1.1 | £2,175 |
Calculated by Kael Tripton from the published 21,000 to 1 odds per £1 bond, assuming every bond is eligible. The last column applies the 4.35% prize fund rate to the holding; it is a pooled average across all holders, not a forecast of what any holder wins. Most holders win less than it, because two £1 million prizes and 95 prizes of £100,000 take a large share of the fund.
Limits, eligibility and the full calendar month rule
The minimum purchase is £25 and the maximum holding is £50,000 per person. Bonds can be bought for children under 16 by parents, guardians or grandparents. Bonds must be held for one full calendar month before entering a draw, so a bond bought in May first enters the July draw. Prizes reinvested enter the next draw immediately. Money can be cashed in at any time without penalty, but a bond cashed in before the draw does not enter it.
Tax treatment and who that suits
All prizes are free of UK Income Tax and Capital Gains Tax, and do not use the Personal Savings Allowance. This makes them relevant to higher and additional rate taxpayers who have used their ISA allowance. The prize fund rate is not a return any individual receives. Because a small number of large prizes take a big share of the fund, the typical holder wins less than the rate implies. Most prizes are £25, £50 or £100.
How to check prizes, get paid and cash in
Prizes can be paid to a bank account or reinvested into more bonds up to the limit. Results are published on the first working day of each month for the two jackpots, and the day after for other prizes. Holders check through the NS&I prize checker app, the NS&I website or Alexa. Unclaimed prizes do not expire. Money can be cashed in at any time without penalty, but a bond cashed in before the draw does not enter it. Kael Tripton sells no savings products and takes no commission.
Frequently asked questions
What are the odds of winning on Premium Bonds?
From the September 2026 draw, the odds of any £1 bond winning are 21,000 to 1. This is improved from 22,000 to 1. The odds apply to each £1 bond in the monthly prize draw run by ERNIE. The prize fund rate is not a return any individual receives.
How much can you win on Premium Bonds?
Prizes range from £25 to £1 million. The September 2026 draw paid 6,529,868 prizes worth £497 million, including two £1 million prizes and 95 prizes of £100,000. Most prizes are £25, £50 or £100. The prize fund rate is not a return any individual receives.
Are Premium Bonds tax free?
All prizes are free of UK Income Tax and Capital Gains Tax, and do not use the Personal Savings Allowance. This makes them relevant to higher and additional rate taxpayers who have used their ISA allowance. The prize fund rate is not a return any individual receives.
What is the maximum holding for Premium Bonds?
The maximum holding is £50,000 per person. The minimum purchase is £25. Bonds can be bought for children under 16 by parents, guardians or grandparents. Bonds must be held for one full calendar month before entering a draw. The prize fund rate is not a return any individual receives.
When is the Premium Bonds draw each month?
The draw takes place monthly. Results are published on the first working day of each month for the two jackpots, and the day after for other prizes. Holders check through the NS&I prize checker app, the NS&I website or Alexa. The prize fund rate is not a return any individual receives.
Do unclaimed Premium Bonds prizes expire?
Unclaimed prizes do not expire. Prizes can be paid to a bank account or reinvested into more bonds up to the limit. Results are published on the first working day of each month for the two jackpots, and the day after for other prizes. The prize fund rate is not a return any individual receives.
