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1 Dec 2021

Premium bond winners in December: how do premium bonds compare to other prize draws?

TSB's new monthly prize draw pays out up to £1,000 - and you only need £10 to enter

Two lucky premium bond winners have become millionaires in December's NS&I prize draw - the final one of 2021.

The jackpot winners are from Lancashire and West Sussex, each receiving the top prize of £1m. Six other winners were picked for the next-best prize of £100,000.

Here, Which? reveals the winning bond numbers, plus whether you'd be more likely to win a prize in an alternative prize draw, including the newly launched TSB prize draw.

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December's 2021 premium bond prize winners

This month, the two £1m jackpot prizes went to premium bond holders living in Lancashire and West Sussex.

The first winning bond (437QD081540) belongs to a premium bond holder in Lancashire who holds £14,275. Their winning bond was bought in February 2021.

The second winner from West Sussex bought their winning bond (306VK958372) in July 2017. This is part of an overall holding of £46,000.

How many winners were drawn in December?

There were 3,331,069 premium bond prizes in the December draw, worth a total of £95,768,225. Of these, 3,323,205 were worth £100 or less.

Value of prizeNumber of prizes

Source: NS&I

Are premium bonds still worth it?

Regardless of whether you have £100 or £50,000 invested in premium bonds, there's never a guarantee you'll win any prizes, as each individual bond number has the same chance of winning. This can be frustrating for those who've saved for years and never won a prize.

Earlier this year, research commissioned by Family Building Society (which offers its own prize draw via its Windfall Bond, which we've outlined later in this article) found that someone with £1,000 saved as premium bonds would expect to wait two years before winning the minimum prize of £25.

According to analysis from This Is Money, they'd have to wait 3,466 years to have more than a 50% chance of winning £1,000.

Even someone with a £15,000 investment would have to wait just over 14 years to have more than a 50% chance of winning a £50 prize.

All that being said, when people see cases like the man in March 2020 who won the £1m jackpot from a premium bond holding of just £25, it's unlikely people are going to stop trying their luck any time soon.

Alternative prize draws to premium bonds

If you fancy trying to win a prize elsewhere, you could consider one of these alternative prize draws:

TSB 'My Dream' Prize Draw

What is it?A new monthly prize draw for TSB current account customers to be in with a chance of getting a share of a £10,000 prize fund. The first draw took place in November, and it's set to run every month until May 2022.

How do you enter?Those aged 18 or over with a Spend and Save, or a Spend and Save Plus account can enter. You'll need to go to the TSB mobile banking app, log in, open a savings pot, and rename this pot so that it includes the words 'my dream'. You'll be automatically entered into the prize draw each month, as long as you keep at least £10 in the pot.

How much can you win?Five winners will get £1,000, while 50 winners will receive £100.

What are the odds?This will vary depending on how many customers satisfy the eligibility criteria each month; for instance, if some spend the money in their 'my dream' savings pot and don't have the required £10 balance, they won't be entered. Winners are drawn at random, so everyone entered has an equal chance of winning.

Is it available throughout the UK?The prize draw is only for eligible TSB customers living in England, Scotland and Wales.

Other terms?The prize draw is run on the first working day of each month, and you'll only be entered if you satisfy the entry criteria by 7pm on the last working day of the previous month.

Nationwide Member Prize Draw

What is it? A monthly prize draw that gives Nationwide members a chance to share a prize fund of £1m each month. The first draw took place in September, and it's set to run until August 2022.

How do you enter? Members aged 18 or over with a Nationwide mortgage, savings or current account are automatically entered each month unless they opt-out.

How much can you win? £100,000, £25,000, £10,000 or £100.

What are the odds? Nationwide says it currently has around 14.2 million members eligible for the Member Prize Draw, which would mean the odds of winning a prize are around one in 1,750. However, these odds will change from month to month depending on the final number of members eligible for entry. Nationwide says everyone will have an equal chance of winning a prize as each of the society's eligible members will get one entry a month.

Is it available throughout the UK? The Member Prize Draw is only available to eligible members in England, Scotland, and Wales.

Other terms? Only those considered to be Nationwide 'members' will be entered into the prize draw. This does not include anyone who only has a Nationwide business savings account or mortgage taken out via The Mortgage Works. Nationwide also does not consider you a 'member' if you only have products such as a personal loan, credit card, investment or insurance product.

Nationwide Start to Save account

What is it? Launched in February 2020, this is an instant-access regular saver that pays 1% AER, aimed at those who have fallen out of the savings habit. The associated prize draw offers prizes of £100 - but there's only one more prize draw scheduled to take place, which is set to be on 24 January 2022. The savings account will still exist after this date.

How do you enter? You need to save between £50 and £100 a month for the three calendar months leading up to the quarterly prize draw.

How much can you win? £100.

What are the odds? These vary between draws, as prizes are calculated at 1% of the total balance increases of all Start to Save accounts since the previous draw. So, if 50,000 savers pay in £50 for three months (£150 each in total), there would be a prize draw fund of £75,000, meaning 750 prizes of £100.

Is it available throughout the UK? Savers must live in England, Scotland or Wales.

Other terms? Account has a 24-month term, but only one more prize draw is scheduled to take place, on 24 January 2022.

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 Halifax or Bank of Scotland account for a full calendar month. 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? £100,000, £1,000 or £100.

What are the odds? They change depending on how many entries are received and qualify. On average, 1,603 prizes are handed out every month.

Is it available throughout the UK? Entrants must live in England, Scotland or 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.

Family Building Society Windfall Bond

What is it? This savings account pays 0.1% AER and enters you into a monthly prize draw.

How do you enter? You must hold exactly £10,000 in the account to be entered into the draw. Bonds are entered in the second month after being opened - so an account opened on 2 October would be entered into the draw in December.

How much can you win? £1,000, £2,500, £10,000 or £50,000; 21 prizes are given away each month.

What are the odds? One in 714 chance of winning a prize in any given prize draw; one in 60 chance of winning a prize across 12 consecutive prize draws.

Is it available throughout the UK?Entrants must be UK residents.

Other terms? Any interest is paid away annually to a nominated account. No withdrawals are permitted; to access your money you must close the account, which requires 35 days' notice. The maximum number of Windfall accounts that can be open at any time is 15,000, and it has had to close to new savers in the past.