Premium Bonds results December 2024 released with two £1 million prizes up for grabs

The results for December 2024’s Premium Bonds draw have been released and two people will be enjoying Christmas a little more after scooping the top £1 million prizes. To be in with a chance of winning, savers must deposit money into an account run by National Savings & Investment (NS&I) and instead of earning interest on the cash they are entered into the draw.

Account holders receive a unique bond number for every £1 invested. You can invest from £25 up to £50,000. While you are not guaranteed to win a prize, those holding winning bond numbers can win anything from £25 up to £1million. Winners can have their prize paid into their bank or reinvest it into new Premium Bonds.

Each month there are two £1million Premium Bonds prizes. This month a winner in Kent, who holds the maximum £50,000 in Premium Bonds, picked up the first top prize with bond number 405PY086681. They bought the winning bond in July 2020.

The second £1million winner, who is from Cumbria and holds £33,275 in Premium Bonds, won with the bond number 538KR930303, purchased in April 2023.

Last month it was announced the prize fund rate for Premium Bonds will become less generous from the January 2025 draw. Rates will reduce to 4%, down from 4.15%, the Treasury-backed savings giant said. The prize fund rate for Premium Bonds is already due to be cut to 4.15% in December, down from 4.4%, according to an earlier announcement.

The odds of winning in January will remain the same as in December – at 22,000 to one. The changes include an estimated 82 prizes of £100,000 in January, down from 83 in December.

There will be an estimated 166 prizes of £50,000 in January, down from 167 in December. The estimated number of £1 million prizes will remain the same, at two. There will also be a higher number of lower-value prizes of £25 in January, estimated at 1,815,854, up from 1,509,458 in December.

Andrew Westhead, NS&I retail director, said: “We carefully review our savings rates in response to changes in the broader market. These adjustments help us meet our net financing target while balancing the interests of our savers, taxpayers and the wider financial services sector.

“Premium Bonds remain a popular choice for millions of savers, backed by the 100% Government guarantee, with the January 2025 draw set to deliver over 5.8 million tax-free prizes worth more than £431 million.”

The odds of a bond winning each month are 22,000 to 1 for every £1 bond. Winners are emailed or sent a text message from NS&I or you can check using the NS&I online prize checker tool, or the Premium Bonds prize checker app.