NS&I announces Premium Bonds jackpot winners ahead of prize fund rate cut
Two NS&I savers are now £1million richer thanks to the February 2024 Premium Bonds prize draw
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NS&I has announced some details about the latest Premium Bonds jackpot winners for the February 2024 prize draw.
The first winner, from Dorset, holds the Winning Bond 137BG686951, which they bought in March 2008.
The other person to scoop £1million is from Wandsworth, London and their Winning Bond is 456RD476057. They bought it in May 2021.
In February there were more than 5.8 million prizes worth more than £475million up for grabs.
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NS&I updates the Premium Bonds prize checker on the second working day of the month
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Andrew Westhead, NS&I Retail Director, said: "Congratulations to our two £1 million jackpot winners from Dorset and Wandsworth – I hope they enjoy planning what to do with their new-found wealth.
"Premium Bonds are one of the nation’s favourite savings products and a great way to start a savings habit with as little as £25."
February marks the final month ahead of NS&I cutting the Premium Bonds prize fund rate.
While the odds of winning won’t change, the decision means fewer high value prizes will be up for grabs from March 2024.
In January 2024, there were 5,843,447 prizes worth a total value of £475,510,350.
READ MORE: NS&I updates Premium Bonds prize checker - how to check if you have won
It’s estimated there will be 5,771,425 prizes worth £444,399,400 in March 2024.
The prize fund rate will drop from 4.65 per cent to 4.40 per cent, however, the rate is still higher than this time last year.
NS&I increased the prize fund rate from 3.15 per cent in February 2023 to 3.30 per cent a month later.
Andrew Westhead, NS&I Retail Director, said: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector.
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“In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.
“After these changes, the Premium Bonds draw in March is expected to pay out over 5.7 million tax-free prizes totalling more than £444 million to savers across the UK.”
The odds of winning per £1 Bond number is 21,000 to one.
Yesterday, NS&I cut the interest rate offered on Green Savings Bonds as it launched a new Issue of the savings product.