Two fortunate Premium Bonds holders have kicked off the new year with an incredible stroke of luck, each winning £1 million during the January draw. This exciting announcement from National Savings and Investments (NS&I) marks the first major prize winners of 2025.
The first jackpot winner is from Liverpool, who purchased their winning bond, number 492XB861312, back in March 2022. At the time of victory, this individual held a total of £37,025 worth of Premium Bonds, having bought £18,025 worth. The second winner, hailing from Gloucestershire, had the maximum holding of £50,000, with their winning bond 601RW421962 purchased as recently as November 2024 for £17,480. It was their first draw, as bonds must be held for at least one month before they are eligible for prizes.
Premium Bonds work somewhat like a lottery, wherein each bond number is entered automatically each month for the chance to win cash prizes, ranging from £25 to £1 million. Unlike traditional savings accounts where interest accumulates over time, with Premium Bonds, the joy lies not just in saving, but also the potential of hitting it big. This unique financial product has been captivating the public since its inception back in 1957.
Despite the glamour of the jackpots, many other winners celebrated substantial prizes as well during the January draw. For example, one winner from Cornwall secured £50,000 with just £100 worth of bonds, showcasing how even small investments can yield big returns. Meanwhile, another lucky individual from North East Scotland took home £50,000 from merely £250 worth of bonds.
There is both excitement and trepidation surrounding the recent changes made by NS&I, namely the reduction of the prize fund rate to 4%, down from 4.15% the month prior. The odds of winning have also crept up to 22,000 to one. Hargreaves Lansdown’s head of personal finance, Sarah Coles, remarked on these changes, emphasizing the impact of inflation on the real value of winnings. "The Bonds offer a decent prize rate of four percent, but because of the lumpy way those prizes are awarded, the average bond holder won’t take anything like this away, " said Coles. "After inflation, there’s real concern you’re losing money.”
To add perspective, the £1 million jackpot today holds significantly less purchasing power than it did when it was first introduced, due largely to inflation. Currently, to match its 1994 value, the jackpot should be around £2.73 million. For many, the allure of Premium Bonds remains—as they continue to represent not only secure savings but also the chance of significant payoffs, whether one is just starting out or has been saving for years.
The initial winners for 2025 are truly making waves across the country, and the hope is not just for them, but also for the millions of Premium Bonds holders who dream of their moment of fortune. The excitement of the draw means every ticket has the potential to bring about life-changing sums, sparking interest from newcomers and seasoned bondholders alike.
To check for potential winnings, holders can utilize the NS&I Prize Checker tool available on their website. Here, users can find out if their bonds have won any cash prizes and keep the dream of winning alive.
Andrew Westhead, NS&I's retail director, expressed his excitement about the winners. "We're delighted to kick off 2025 by creating our first Premium Bonds millionaires of the year in Liverpool and Gloucestershire," he said. This sentiment reverberates not just through the winners but across the bond-holding community, as they look toward their own future fortunes.
The January 2025 draw has once again highlighted how Premium Bonds function as both savings and lottery, cementing their place as one of the UK's most engaging and popular financial products. With the thrill of potential winnings still strong even amid recent changes, the hope continues for many to find their names among the next lucky millionaires.