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1 Jun 2020

Premium bond winners in June: how many prizes are up for grabs?

There's a record number of prize winners this month

Two lucky premium bondholders have won the £1m jackpot prize in NS&I's latest monthly prize draw.

The two prizes went to savers in Nottingham and Stoke on Trent, while six other winners received £100,000.

This month, 3,641,580 prizes were given out to premium bondholders - a new record amount.

Here, Which? reveals the winning bond numbers, how many prizes are up for grabs and whether the number of prizes is on the increase.

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June 2020 premium bond winners

This month, the two £1m jackpot prizes were won by premium bondholders living in Nottingham and Stoke on Trent.

A woman in Nottingham had the maximum £50,000 invested. She bought the winning bond (292ME808065) in January 2017.

A man from Stoke on Trent won the second jackpot prize. His winning bond (384CP325978) was purchased in February 2020 and is part of a total holding of £27,500. His win has made him the second premium bond millionaire from Stoke on Trent.

How many winners were drawn in June?

There were 3,641,580 prizes given out in the June draw, worth £104,088,425. Of these prizes, 3,633,017 were worth £100 or less.

The table below shows the full breakdown of prizes.

Value of prizeNumber of prizes
£1,000,0002
£100,0006
£50,00014
£25,00025
£10,00064
£5,000128
£1,0002,081

Is the prize pool growing?

The premium bonds prize pool has been on an upward trajectory for several years now. This month, the number of prizes had increased by 7.9% since June 2019.

The graph below shows how the number of prizes has changed since May 2017, using data from NS&I.

This is particularly good news for premium bond investors, as NS&I had previously planned to cut the number of prizes from May 2020 by around 174,000.

However, it announced on 17 April 2020 that it had cancelled this decision, instead, maintaining the growth of premium bond prizes at the current rate. It said this was to support savers during the coronavirus pandemic.

How is the prize pool worked out?

The size of the premium bonds prize pool is based on two main factors - the number of individual £1 premium bonds in the draw and the prize fund rate set by NS&I.

The prize fund rate is the overall average return for all premium bonds in the pot over 12 months; it's expressed as a percentage, much like you'd get from a normal savings account, but the money you invest in premium bonds doesn't actually receive any interest at all.

Instead, the prize fund rate covers the fact that some people will win £1m and many more will win nothing at all.

As the graph shows, there was a sharp rise in prizes in December 2017 due to the prize fund rate being increased from 1.15% to 1.4%; the prize fund was increased to reflect the Bank of England base rate rise in November 2017.

Currently, the prize fund rate is 1.4%, but if the aforementioned cuts had been put in place it would have reduced to 1.3%.

The Which? Money podcast: are premium bonds worth it?

Last July, our experts on the Which? Money podcast debated whether premium bonds were really worth investing in.

You can listen to the episode below, or check it out on Apple Podcasts or Spotify.