When are Premium Bonds drawn?

PREMIUM Bonds are a popular type of savings account.

However, instead of getting a fixed rate of interest like you would from a high street bank, your money is entered into a prize draw.

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When are Premium Bonds drawn?

Premium Bond draws are held at the beginning of each month, with the winning number selected by a computer called ERNIE (electronic random indicator equipment).

Each £1 you put in Premium Bonds is an entry into the monthly prize draw.

And each bond has an equal chance of winning - so the more you buy, the more your chances improve.

The chance of winning a prize, with an individual bond, is 34,500 to one.

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The prizes are split into three sections, including higher value prizes of £5,000, £10,000, £25,000, £50,000, £100,000 and £1million, medium value prizes of £500 and £1,000 and lower value prizes of £25, £50 and £100.

How to check Premium Bond winners

To check Premium Bond winners, simply use the NS&;I Premium Bond prize checker online.

There you can check to see if your numbers have come up - however, you will need to know the numbers of your Premium Bonds.

These can be found on your Bond record or through your online account.

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If you have lost track or are unsure of your numbers, you can contact NS&I and ask for them.

There is also an official app for iPhones and for Android for checking prizes too - and even an App for Amazon Echo, which means you can just simply ask Alexa.

For this you will need to use your NS&I number rather than each Premium Bond number - it is 11 digits long and will be on any communication you have had with NS&I.

It is also important to note that you don't always have to check your numbers - prizes under £5,000 can be paid straight into your bank account, or automatically buying more Premium Bonds.

However, if you have found yourself a winner of one of the higher value prizes worth more than £5,000, NS&I will contact you by post.

Similarly, if you scoop up the £1million jackpot, someone will pay you a visit to inform you.