Two millionaires were created in February by holding premium bonds. A male from Surrey won £1,000,000 from a £4,014 holding of premium bonds. His winning bond was purchased in October 2002 and the number is 50RE855967. The second jackpot winner is a female from Nottingham. She has a bond holding value of £37,575 and the winning bond was purchased in January 2019. Her winning number is 350ZA848545.
Premium Bonds: How likely are you to win a £1million prize? Martin Lewis on how mortgage free pensioners could boost lump sums
Premium Bonds: NS&I reveals £1million jackpot winners must do this
While only two individuals have won the jackpot, there are still many prizes to be claimed in February, many of which stretch into the hundreds of thousands.
For the January 2020 draw, there was 221 high value prizes of £5,000 or more.
For medium value prizes of between £500 and £1,000 there were 7,936 and for lower values of between £25 and £100 there were over three million.
READ MORE: Can Premium Bonds be bought as a gift? Rules on who ccan be given them – but who can’t?
Winners for February have now been announced (Image: GETTY)
Winning can certainly be a cause for celebration (Image: GETTY)
The estimated February prize draw is expected to be even bigger. There are expected to be 222 high winners, 7,968 medium winners and even close to three and a half million lower winners.
The total value of the January prize draw was £99,215,975, with the estimated total value of February’s prize draw being £99,657,025.
NS&I have a method for working out how the total value is shared out among winners. The first two £1 million jackpots are paid initially.
They then divide the balance of the prize fund share, which is allocated to the higher value band equally.
To start with, they work out the number of £100,000 prizes. When there is a balance that’s less than half of that prize value, they carry it over to the share for the £50,000 prizes. Or when there’s a balance that’s at least half of the prize value, they award an additional prize of £100,000.
What happens to Premium Bonds when you die? NS&I explains what happens if prize is won [EXPLANATION]
Premium Bonds unclaimed prizes: Is there a time limit? How to check if you’ve won a prize [GUIDE]
Premium Bonds £1million winners unveiled – who tells you if you’ve won jackpot? [INSIGHT]
Martin Lewis: How to earn higher interest rates for your savings Martin Lewis on how to boost savings interest on inheritance money
To do this they take the shortfall from the share for the £50,000 prizes. The remaining prize values within the higher band is calculated in the same way, from the highest to lowest value.
For the medium band, they calculate the number of prizes so that there is one £1,000 prize for every three £500 prizes.
Any surplus is added to the share allocated to the lower value band. The final lower bank prices are worked on so that there is an equal number of £100 and £50 prizes, and that the total number of prizes of all values is equal to the number of eligible £1 Bond units divided by the odds.
To check on any winnings, across all of the prize bands, a holder’s number will be needed.
The prize fund tends to increase every month (Image: GETTY)
ISA: Savings expert explains a common mistake savers make
Using the NS&I website, prizes can be checked on for the most recent months draw as well as the previous six months and any unclaimed prizes.
To search through anything older than six months logging in will be required. There is also an app which can be used for checking on prizes and they update the prize checker on the second working day of every month. Winners will also be notified by Email or text message.
Lucky winners have a few options for what they can do with their winnings. Prizes can be paid directly into a designated account, which will be received by the 7th working day of the month.
The prizes can also be sent via warrants for those without designated bank accounts and these will arrive by the 10th working day of the month.
Winning details can be checked easily from an app (Image: GETTY)
Winners can also automatically opt to reinvest their prizes. Prize winnings can be used to purchase more bonds for the following months draw, boosting chances of winning again.
If any entrants are just completely lost they have multiple ways of reaching out to NS&I.
They can be reached by phone, through web chat, Twitter, Facebook, email and even traditional letters.
NS&I should be contacted if there are any change in personal circumstances, such as changes of nominated bank accounts or new address details.