Each £1 Bond Carries a 22,000-To-one Chance of Winning a Prize Ranging From £25 to £1M, With Two Millionaires Created Per Draw

The August Premium Bonds prize draw takes place on Monday 3 August, with results released a day later by NS&I. The government-backed savings scheme now has 22 million participants holding more than £137bn. Each £1 bond carries a 22,000-to-one chance of winning a prize ranging from £25 to £1m, with two millionaires created per draw. Minimum investment is £25, maximum £50,000. Unlike regular savings accounts, bonds don't accrue interest; instead, they're entered into a random draw run by 'Ernie' (Electronic Random Number Indicator Equipment).

While the scheme is risk-free, most holders never win, and money expert Martin Lewis notes the effective 'interest rate' is 3.8 per cent when all prizes are considered, though most won't see that return. Many UK savings accounts offer higher, more consistent rates. Prize distribution changes monthly; January 2026 results are available. To check winnings, use the NS&I website checker or its app.