Premium Bonds September Draw: Two Millionaires Win as Prize Fund Rate Hits 4.35%

National Savings and Investments announced September’s Premium Bonds winners on September 1, with two savers from London and Norwich each claiming £1 million. The prize fund rate has climbed to 4.35%, the second increase this year, shortening the odds of winning from 22,000-to-one to 21,000-to-one. NS&I awarded 6.5 million tax-free prizes worth £497 million in this month’s draw.

Who won the September jackpots

A London bondholder won the first £1 million prize with bond 659VC982054, purchased in January 2026. They hold £45,500 in Premium Bonds total. The second millionaire is from Norwich with bond 484QT130447, bought in January 2022, holding the maximum £50,000. Andrew Westhead, NS&I Retail Director, said the draw brought “autumnal joy” to both winners.

Record prize fund and improved odds

NS&I increased the annual prize fund rate from 3.8% to 4.35% in September, the second rise in 2026. The odds improved to 21,000-to-one from 22,000-to-one. This change generated more than 308,000 extra prizes compared to August. The total prize pool for September reached £497 million across 6.5 million awards.

Big wins on small investments

One saver with only £120 invested won £100,000, the second-largest prize. Another holder with £800 claimed £100,000, and a third with just £100 won £50,000. A total of 95 people won £100,000 in September. The prize distribution included 192 payouts of £50,000 and 381 of £25,000.

How to check your numbers and the odds explained

Savers can check if they won by visiting the NS&I website and entering their bond numbers. Premium Bonds offer no guaranteed interest like regular savings accounts. Money expert Martin Lewis found the effective “interest rate” across all winners averages 3.8 percent, though most holders win nothing. The minimum investment is £25 and the maximum is £50,000. Each £1 bond has a 21,000-to-one chance of winning a prize this month.

Final Thoughts

September’s improved odds and higher prize fund rate mean Premium Bonds holders have better chances than before, though the average return remains below many fixed-rate savings accounts. With 22 million savers now in the scheme and £137 billion invested, the risk-free nature appeals to those willing to trade guaranteed interest for a shot at larger prizes.

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