Premium Bonds prize checker: when will July draw winners be notified? NS&I process and scheme explained

Millions of people across the UK are just hours away from finding out whether they are going to win in the next Premium Bonds draw for July 2023. The next set of prizes are likely to see more people receiving bigger amounts of money as a result of record interest rates.

NS&I, the UK’s publicly owned savings bank, runs the random draw each month. All bond holders are entered and have an equal chance of winning, regardless of whether they hold the minimum amount of bonds (£25) or the maximum figure (£50,000).

An average of two people are made millionaires each month, with around 2,000 other winners getting their hands on thousands of pounds in prize money. This cash comes from the interest the government pays out on the bonds, which are essentially parcels of money you’re lending to the government to fund public spending.

The scheme was launched in the 1956 Spring Budget by future Conservative Prime Minister Harold Macmillan, before going live in June 1957. In the 65 years that have passed since then, £25.1 billion has been paid out to winning bondholders.

So, when will July’s Premium Bonds prize winners be announced - and how does NS&I work out who will receive what?

How are Premium Bonds prize winners chosen?

NS&I selects Premium Bonds winners by using a super computer called ERNIE (Electronic Random Number Indicator Equipment).

It gives every bond number a separate and equal chance of winning, with odds in the region of 24,000 to one. The overall prize pot, which now sits at an estimated £374 million, is then distributed between more than 5 million bond holders.

This cash is split into higher, medium and lower value tiers, with 80% of the money falling in the bottom category, and 10% each spread between the more lucrative tiers. People’s chances of winning don’t go up if they invest more but holding a higher amount of premium bonds means there is more cash available for the overall prize pot. It means everyone has a greater chance of winning something each month.

How are Premium Bonds prizes changing in July?

The total prize pot and the average number of people who will become winners changes every month.

In June, two people became millionaires, 63 people received £100,000 and 125 people won £50,000. A further 252 people gained £25,000, with 627 getting £10,000 and 1,257 bondholders winning £5,000. The lowest winnings tier was £25, with more than 2.16 million people receiving it last month.

Thanks to a 15-year high fund rate of 3.7% - a figure influenced by soaring interest rates - the maths is set to change in July. While there will still be just two millionaires, NS&I estimates 71 people will get £100,000, 141 will win £50,000, 284 will secure £25,000, 707 will be in the running for £10,000, and a further 1,417 people are likely to get £5,000.

There will be roughly 650,000 fewer £25 winners (1.5 million), with this number of prizes instead set to be split between the £50 and £100 prize categories. Both tiers will see in the region of 1.74 million winners. Roughly 60,000 people could be in line to win £500 or £1,000 prizes.

When are Premium Bonds prizes announced?

The Premium Bonds prize draw takes place at the start of every month, with the winners finding out what they have won on the following day. If you have bagged the £1 million tax-free prize, you will be visited in person by NS&I’s ‘Agents Million’ on results day.

The schedule for the draw and prize announcement changes if the month in question begins with a weekend or a bank holiday. In this instance, the prize draw will be pushed back into the working week, whenever that falls.

For the last two months, it has meant the Premium Bonds prize draw has fallen later in the month. But in July, it will return to its usual timings. So, the draw itself will be taking place on Monday 3 July, with people finding out whether or not they have won this time around on Tuesday 4 July.

How can I see if I’m a Premium Bonds prize winner?

In the past, there used to be an agonising wait for the post to arrive. But, thanks to the internet, you will find out if you’ve won money immediately on Premium Bonds results day. There are three ways you can find out whether you are a winner. These are:

• Visiting NS&I’s online prize checker from 12.01am on results day (you will need your ‘holder’s number’, which can be found on your bond record or on the NS&I website)
• Downloading the free NS&I app for iOS or Android
• Asking your Amazon Alexa (which can tell you whether you have won in any of the last six prize draws).

People can also find out if they are winners through email or text message, so long as they have added their phone number or email address to their Premium Bonds account. Any winnings will be deposited into your designated bank account by the seventh working day of the month, or sent out to you via cheque (which may take longer).

You also have the option to reinvest the money into more bonds, so long as you’re below the £50,000 maximum limit. There is no time limit for claiming your earnings, meaning you can claim back to as far as 1957.