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The winner holds £50,000 in premium bonds and purchased their winning bond in July 2014. They are the ninth millionaire from Suffolk. For the October 2022 draw, NS&I paid out almost 5 million ...
Prizes range from £25 to £1,000,000 and (since September 2023) the odds of a £1 bond winning a prize in a given month are 21,000 to 1. [ 3 ] Investors can buy bonds at any time but they must be held for a whole calendar month before they qualify for a prize.
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A Prize Bond is a lottery bond, a non-interest bearing security issued on behalf of the Irish Minister for Finance by the Prize Bond Company DAC. Funds raised are used to offset government borrowing and are refundable to the bond owner on demand. Interest is returned to bond owners via prizes which are distributed by random selection of bonds.
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The Oxford English Dictionary defines "premium bond" in non-specific terms as "a bond earning no interest but eligible for lotteries", and then offers the following pre-1956 quotations: 1820: The Times 13 Sept. 3/1 "The premium bonds will be delivered with the state bond and dividend warrant on the 1st February, 1821."
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