NS&I explains if Premium Bonds can win multiple prizes in different draws | Personal Finance | Finance

NS&I has explained the rules for the monthly prize draw in response to a question from a customer.

A saver asked over X: “Has a Premium Bond number ever won more than prize? Can a number drawn in one monthly draw win again in later draws?”

Each eligible £1 Bond goes into the monthly prize draw with a chance of winning big cash prizes including a jackpot prize for £1million.

NS&I said in response: “Eligible Premium Bond numbers can win across multiple prize draws. For example, the same number could win a prize in the March draw then win again in April.”

Express.co.uk if a person could win the jackpot prize and several other prizes in a single draw.

The provider said: “In theory, an individual could win both £1milllion prizes as long as they have at least two £1 bonds in their holding as each single bond has an equal chance of winning any prize.

“However, since the £1million jackpot was introduced no one has ever won both in the same draw.”

The group also said: “A single holder could win multiple high value prizes in a single draw as long as they have enough single Premium Bonds to do this.”

The Government what returns it gets on money invested in Premium Bonds.

Labour lord and former justice minister, Michael Wills, asked in Parliament “what is their estimate for each of the past three years of their returns from retaining the proceeds of cashed-in Premium Bonds for up to six days before they are transferred to the holder’s bank account”.

Conservative peer, Baroness Charlotte Vere, said in response: “The Exchequer’s cash needs are managed on an aggregate basis, meaning funds raised from Premium Bonds are not held in a separate account and do not receive a separate rate of return (which in any case is determined by the market as the government is ultimately a price taker).

“Therefore, there is not a single rate of return on NS&I proceeds and it would not be possible to provide an estimate of returns from retaining the proceeds of Premium Bonds.

“When a customer divests their holdings of Premium Bonds, these repayments are also funded via the NLF’s activities and are typically processed within three working days.

“However, in exceptional circumstances, such as Bank Holidays, this may take longer. This process allows HM Treasury to manage Exchequer cashflows in a cost effective manner.”

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