How likely am I to win the premium bonds? The new prize fund rate for September 2023 and winner odds explained

Premium bonds are extremely popular in the United Kingdom as a means of saving money. They can be an enjoyable choice as long as you are willing to acknowledge that they do not provide a steady source of income.

The government owns a savings bank called National Savings and Investment (NS&I), which offers a type of investment opportunity.

Instead of receiving the usual fixed interest on their deposited funds, bond owners participate in a monthly lottery where they stand a chance to win tax-exempt rewards ranging from £25 to £1 million.

The amount of money awarded as a prize has grown considerably this year, as it mirrors the increase in interest rates in the UK. Consequently, it will reach the highest level it has been in almost 25 years during the upcoming draw.

Chances Of Winning Premium Bonds In September?

At the beginning of the year, the interest rate for the prize fund was only 2.2 percent. However, NS&I has raised it several times.

NS&I is once again increasing their rate for September, raising it to 4.65 per cent – the highest it has been since March 1999.

This indicates that the chances of a particular bond winning will also increase, moving from 24,000/1 in July to 21,000/1 – the most favorable odds since the draw in April 2008.

The alteration in probabilities will result in an approximate increase of £66 million in the reward pool in the upcoming month, potentially reaching a grand total of over £470 million.

According to NS&I, there will be a whopping 5,785,904 prizes available starting in September, which marks a substantial boost of over 269,000 compared to August 2023.

In the upcoming draw, there will continue to be two lucky individuals who will win a whopping £1 million each. However, it is anticipated that the number of individuals winning £100,000 will increase from 77 to 90.

It is predicted that there will be an increase in the amount of individuals earning the third-highest reward of £50,000, going from 154 to 181. Moreover, it is anticipated that 360 people will be lucky enough to win £25,000, in contrast to the 307 winners observed in August.

The CEO of NS&I, Dax Harkins, states that the forthcoming rise demonstrates our commitment to assisting individuals who save across the nation.

Premium bonds are extremely popular among savers in the country. By raising the rate of the prize fund to its highest point since 1999 and enhancing the probabilities, a larger number of individuals will now have the opportunity to win rewards on a monthly basis.

September 2023 Bond Winners: Announcement Date?

Typically, holders can readily access the outcomes of the most recent premium bonds draw starting from the beginning of the second day of the month.

The champions are actually selected one day in advance – typically on the initial day of the month – with NS&I divulging the information about the top rewards (for those who have won over £5,000) at the stroke of midnight.

This variation occurs when the month begins on a Saturday or a day when banks are closed, causing the drawing of the prize to be postponed to the following business days. However, this does not apply in September.

The upcoming batch of premium bonds outcomes will be selected on Friday, September 1st. Bond owners will have the opportunity to verify if they have won starting from Saturday, September 2nd.

Below are the remaining dates for the premium bonds prize draws in 2023. If you own any of these bonds, you can verify your numbers the day after the draw has taken place.

Checking If I Won Premium Bonds

If you own premium bonds and wish to validate if you have won a reward in the most recent monthly raffle, you have the option to utilize the NS&I online prize verifier available at this location.

Instead, you have the option to get the app for free on iOS or Android devices. Moreover, Amazon Alexa gadgets can also assist you by recalling the results of the previous six draws.

In order to verify the status of your bonds, you will require your distinct possessor's identifier, obtainable from your bond document or by accessing your NS&I account online. This identifier comprises either nine or ten digits, or an eight-digit number appended with a letter.

There is no expiration date for the prizes, meaning you can demand rewards even from the initial 1957 lottery.

As per the MoneySavingExpert report for November 2021, an excess of two million premium bond prizes worth nearly £75m remain unclaimed.

In order to decrease the chance of not claiming prizes, individuals who own premium bonds have the choice to receive the prizes directly into their bank account or reinvest them automatically into additional bonds.

According to NS&I, payment through this method is now available for nearly 90% of the rewards, and further information can be obtained here.