Premium bond winners in December - are you more likely to win with other prize draws?

Two lucky premium bond holders have become millionaires after winning the two jackpot prizes in the National Savings & Investments (NS&I) December draw. 

The £1m winners are from the Scottish Highlands and Wandsworth in south London. Meanwhile, 18 other winners were picked for the next-best prize of £100,000.

If you didn't win this time, you may have more luck entering other prize draws that reward savers.

Here, Which? reveals the winning premium bond numbers, how to find out if you have a prize waiting for you, and explores alternative competitions.

December 2022 premium bond winners

The first winning bond (414XW486235) was bought by a lucky winner living in the Scottish Highlands, and is part of a total holding of £45,000. The winning bond was bought in September 2020. They are the first jackpot winner from the Scottish Highlands.

The second winner, from Wandsworth, bought their bond (159FZ477948) back in August 2009. They have a total holding of £29,042.

• Find out more: premium bonds - are they worth it?

How many winners were drawn in December?

There were 4,977,130 premium bond prizes paid out in the December draw. Of these, 4,958,950 were worth £100 or less.

In total, this month's prizes were worth £218,993,750. 

_{Source: NS&I}

• Find out more: what is National Savings & Investments?

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Are you more likely to win with other prize draws?

The odds of each £1 premium bond number winning a prize is currently 24,000 to 1. But even with average luck, someone investing £1,000 will probably win nothing over the course of a year.  

There are, however, alternative prize draws that may not offer the chance to become a millionaire but have much better odds of winning. 

Halifax and Bank of Scotland Savers Prize Draw

What is it? Every month, £550,000 of prizes are handed out to those who maintain a total savings balance of at least £5,000. 

How do you enter? Hold at least £5,000 of savings in any qualifying account for a full calendar month. These include all Halifax savings and Isa deals, excluding accounts for children, as well as most Bank of Scotland branded savings accounts. You can register even if you don't yet have £5,000 saved - you'll be automatically added to the prize draw once your savings reach the required amount. 

How much can you win? There are three prizes worth £100,000, 100 prizes of £1,000 and 1,500 worth £100. 

What are the odds? This will vary depending on how many customers satisfy the eligibility criteria, but on average 1,603 people walk away with a cash prize each month. 

Is it available throughout the UK? No, it's only available in England, Scotland and Wales.

Other terms? Any savings in joint accounts will be split equally, and account holders will need to register separately. Entrants must be aged 18 or over. 

Chip Prize Savings Account

What is it? This app allows you to invest and save money automatically, selecting the right assets for you, saving you time researching the market yourself. If you meet the criteria, you will also be entered into a draw, with the chance of winning £30,000 worth of prizes. The top prize is worth £10,000. 

How do you enter? Every £10 you deposit into the prize savings account is worth one entry into the prize draw, and you must have at least £100 deposited by the end of the month. So, if you have £100 in your account, you will have 10 entries in the prize draw. If you have £1,000, then that means you have 100 entries. Therefore the bigger the deposit, the greater your chances of winning a prize.

How much can you win? One grand prize of £10,000, 50 prizes worth £100, 500 prizes worth £25, and 250 prizes worth £10.

What are the odds? With each entry, you have a 1 in 6,056 chance of winning.

Is it available throughout the UK? Yes, you must be a permanent resident in the United Kingdom.

Other terms? Savers need to be 18 or over to open an account. There is a limit of 8,500 entries per month (equivalent to £85,000) and a limit of one Prize Savings Account per customer. £85,000 is also the maximum you can deposit in the account. Note that the Prize Savings Account doesn't pay any interest.

Yorkshire Building Society Make Me A Saver

What is it? 10 Make Me A Saver account holders walk away with a prize of £1,500 a month. 

How do you enter? The Make Me A Saver account is a regular saver, designed to reward peoplewho save a little cash each month. You can save up to £150 a month, but to be entered into the prize draw you must deposit at least £50 a month.

How much can you win?  £1,500

What are the odds? They change depending on how many entries are received and qualify. 

Is it available throughout the UK? Only customers in England, Scotland and Wales can open this account.

Other terms? You must be aged 16 or over to open the account. If you open the account in joint names, only the main account holder will be counted. The final draw will be held in January 2023.

Nationwide Start To Save Account

What is it? This instant-access regular saver currently pays 3.5% AER and is aimed at getting people into the habit of saving. Eligible customers have a chance to win £250 cash and the next prize draw is set for 21 February 2023. The number of winners will vary based on how many savers qualify for the draw. Nationwide explains that the prize fund for each draw is equal to 2.5% of the total increase in balances of all of the qualifying accounts for that draw. 

How do you enter? To qualify, you will need to pay between £25 and £50 into the account in each of the six calendar months leading up to the prize draw.

How much can you win? £250.

What are the odds? Depending on how big the prize fund is, your chance of winning is between 1 in 34 and 1 in 67.

Is it available throughout the UK? Yes. You must live in the United Kingdom. 

Other terms? Savers must be aged 16 or over. When you first open your account, the most you can pay in is £50. If it's been more than 28 days since you opened your account and you still haven't paid any money in, the account will be closed.

• Find out more: how to find the best savings account