July’s £1 Million Premium Bonds Jackpot Winners Revealed: Norwich and Nottingham Holders Claim Top Prize

Market News

July has brought exciting news for the two lucky savers as the latest premium bonds jackpot winners were announced. The National Savings and Investments (NS&I) revealed that bondholders from Norwich and Nottingham have each scooped the life-changing £1 million Premium Bonds jackpot for July 2024.

These wins highlight the enduring appeal of Premium Bonds, which have been a popular savings product in the UK for over six decades. With over 24 million people holding more than £125 billion in bonds, many savers dream of hearing that they have become a millionaire overnight.

Who Are the Lucky Winners?

This month’s million-pound winners come from two different parts of England:

  • Norwich winner: Holds £45,000 in Premium Bonds, purchased in August 2017.
  • Nottingham winner: Holds £50,000 in Premium Bonds, bought in March 2021.

Their winning bond numbers were randomly selected by ERNIE, NS&I’s Electronic Random Number Indicator Equipment, which draws millions of prizes each month.

According to Yahoo Finance, July’s draw produced over 5 million prizes worth nearly £350 million in total, with the two £1 million jackpots grabbing the headlines.

Premium bonds continued to attract savers for several reasons:

  • Tax-free prizes: All winnings are tax-free, regardless of amount.
  • Chance of big wins: Monthly draws allow savers to win prizes from £25 up to £1 million.
  • Capital security: Unlike lottery tickets, Premium Bonds guarantee your initial investment is safe.
  • Flexible access: You can cash in your bonds at any time with no penalties.

For many, premium bonds combined the security of savings with the thrill of a lottery.

How the July Draw Compares to Previous Months

July’s two £1 million prizes match the typical monthly jackpot number, but the number of other prizes awarded continues to grow, with:

  • 5 million+ prizes distributed in total.
  • Over £350 million paid out across all prize levels.

This month, thousands of smaller prizes ranging from £25 to £100,000 were also awarded, making many other savers a bit richer, if not instant millionaires.

How Does the Premium Bonds Draw Work?

The magic behind premium bonds is ERNIE, the random number generator that selects winners. Each month, ERNIE’s algorithm picks bond numbers completely at random. Prizes range from £25 to £1 million, with odds currently set at 21,000 to 1 for every £1 bond number.

This means the more Premium Bonds you hold (up to the £50,000 limit), the better your chances of winning, although there’s never a guarantee of a prize.

Checking If You’ve Won

Savers can quickly check if they’ve won in the latest draw using:

Remember, premium bonds never expire: if you have held bonds for years, you might still have unclaimed prizes waiting for you.

Why the Premium Bonds Prizes Matter Now

With inflation still squeezing UK household budgets and interest rates on regular savings accounts lagging, premium bonds remain an appealing option. While there’s no guaranteed return like with fixed-rate savings, the chance of a tax-free jackpot tempts many to save.

The latest winners from Norwich and Nottingham are proof that big wins do happen, inspiring others to keep or increase their holdings. In uncertain economic times, the combination of secure savings with a hint of excitement makes premium bonds an attractive choice.

Tips to Maximise Your Premium Bonds Experience

Want to improve your odds or make the most of your bonds? Keep these tips in mind:

  • Hold the maximum: You can invest up to £50,000 per person. The more bonds you have, the more chances you get each month.
  • Reinvest winnings: Use any smaller prizes to buy more bonds, compounding your chances over time.
  • Stay informed: Regularly check for unclaimed prizes; some winners never realise they’ve won.
  • Update contact details: So you don’t miss prize notifications.

Final Thoughts 

This July, two savers from Norwich and Nottingham became millionaires overnight thanks to their Premium Bonds. Their stories remind us of the magic of saving with a chance of winning life-changing prizes. As more people look for ways to balance security with opportunity, Premium Bonds continue to offer a unique option that combines both.

Whether you’re inspired to check your bonds or tempted to buy more, July’s winners show that the next jackpot could be just one bond number away.

FAQs

How do I check if my Premium Bonds have won a prize?

You can check your bonds through the NS&I prize checker app or on their website using your holder’s number.

What are the odds of winning a Premium Bonds prize?

Currently, the odds of any individual £1 bond winning in a monthly draw are 21,000 to 1.

Are Premium Bonds a good investment?

Premium Bonds don’t pay interest, but they offer capital security with the chance of tax-free prizes, making them appealing for savers who like a bit of excitement.

Disclaimer:

This content is made for learning only. It is not meant to give financial advice. Always check the facts yourself. Financial decisions need detailed research.