Martin Lewis details how Premium Bonds odds work for savers
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Premium Bonds are offered by National Savings and Investments, or NS&I as the company is more commonly known. Each month, the lottery bond system conducts a draw which creates two lucky millionaires alongside a number of other prize winners. For those who are interested in purchasing Premium Bonds to be in with a chance to win, the process is designed to be an easy one.
The minimum amount a person can purchase in Premium Bonds is set at £25.
Fortunately, though, Premium Bonds can be purchased in a number of ways to create ease for savers.
Perhaps the easiest way to purchase Premium Bonds is online – using NS&I’s secure online system.
Available through the official NS&I website, individuals will need to have their debit card details at the ready for a purchase.
Premium Bonds: How to purchase Bonds as August 2021 prize draw looms (Image: Getty•NS&I)
It is also possible for individuals to buy Premium Bonds over the phone if they so wish.
The NS&I phone line is open “all day, every day” meaning savers will be able to get in contact at any time.
Once again, debit card details will be the most important information a person can provide to the savings institution.
However, there is an important point to note for those who are buying Bonds for someone else’s child.
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These cannot be purchased via the phone, and so individuals will need to consider another method.
In addition, NS&I does not accept credit card payments, and so another form of payment will be required.
Another, perhaps more traditional, way to purchase Premium Bonds is via post.
In this instance, Britons will need to print an application form and send it to NS&I, with a cheque payable to the company.
Premium Bonds: NS&I creates two lucky millionaires each month (Image: Getty)
People will be able to print their application form via NS&I’s dedicated website.
Finally, if a person or a child they are purchasing for already has some Premium Bonds, there is one other way to purchase.
This can be done through bank transfer or standing order, by providing a bank with details of a holder’s number.
Once a person has purchased Premium Bonds, they will be able to cash them in at any time.
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This can be done in full, or in part if a person still wishes to have some Premium Bonds invested.
If someone is registered for the online and phone service, the process will be simple and individuals can either log in or call NS&I directly.
When cashing in, though, there will be certain information Britons will need to have to hand.
This includes a holder’s number, bank account details and Bond record.