NS&I results: Premium Bonds May prize draw - millionaires made in Derbyshire and Suffolk

Lucky Premium Bonds players in Derbyshire and Suffolk are millionaires this morning after winning big. Two £1 million jackpot winners have been announced by the draw for May.

The first Bond number drawn was 462DR240519 and belongs to a winner based in Derbyshire, who purchased their winning Bond in July 2021 and holds £25,361 in Premium Bonds.

The second jackpot winner is based in Suffolk, with the winning Bond number of 300ZZ346515, and it was purchased in April 2017. They hold a total of £35,000 in Premium Bonds.

For the May draw, a total of 5,941,150 prizes - worth £413,900,125 - will be paid out to Bond holders, from a total of 130,705,305,671 Bond numbers eligible. The breakdown of May winners on the Premium Bonds, including the value of the prize and the number of that particular prize awarded, are as follows:

• £1,000,000: 2
• £100,000:79
• £50,000: 157
• £25,000: 315
• £10,000: 789
• £5,000: 1,575
• £1,000: 16,556
• £500: 49,668
• £100: 1,843,199
• £50: 1,843,199
• £25: 2,185,611

What are Premium Bonds?

The Premium Bonds scheme is an alternative way of saving money, that also offers the chance to win a sum of cash in various draws. Purchased Premium Bonds do not accrue interest, instead giving people the chance to win money.

Any investment is still protected, however, similarly to a savings account, as Premium Bonds are administrated by National Savings and Investments (NS&I), which is backed by the Treasury.

What are the odds of winning on the Premium Bonds?

Single Premium Bonds are bought for £1 each, with each having a 22,000/1 chance in each monthly draw. By comparison, the chances of winning the National Lottery weekly Lotto draw are more than 45,000,000/1.

Each month, there are two £1m winners in the Premium Bonds draw, NS&I explained, saying: "We pay out two £1 million jackpots each month. We then divide the balance of the prize fund share allocated to the higher value band equally among the remaining prize values. First we work out the number of £100,000 prizes. When there is a balance that’s less than half of that prize value, we carry it over to the share for the £50,000 prizes. Or when there’s a balance that’s at least half of the prize value, we award an additional prize of £100,000. We do this by taking the shortfall from the share for the £50,000 prizes.

"We then calculate the numbers of other prizes in this value band in the same way, from highest value to lowest value. When calculating the number of £5,000 prizes, any surplus or shortfall is added to or taken from the medium value band."

How do I buy Premium Bonds?

There is a £25 minimum purchase for anyone wishing to buy Premium Bonds, which can be bought online, on the phone, or by post. Buyers are also limited to holding £50,000 of Premium Bonds at any given time. All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.