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.

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.

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.

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.