- Premium Bonds are a government-backed savings scheme from National Savings and Investment ( NS&I ), with over £137bn banked by 22 million participants.
- Instead of earning interest, savers are entered into a monthly prize draw to win cash prizes ranging from £25 to £1 million, with two millionaires made each draw.
- The minimum investment is £25 and the maximum is £50,000, with each £1 invested having a 22,000-to-one chance of winning a prize.
- While the scheme is risk-free as money won't be lost, the actual chance of winning remains low for most, despite a theoretical ' interest rate ' of 3.8 per cent when all winnings are considered.
- The next draw is scheduled for Monday 3 August, with results available the following day via the NS&I website or app.
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