There are five agents who travel the country to tell people the news in person
Liverpool skyline in the sunset over the River Mersey(Image: Getty Images/iStockphoto)
2025 got off to an incredible start for one lucky Premium Bonds holder from Liverpool after they scooped the top prize of £1 million. The saver bought the winning bond in March 2022 as part of a £18,025 outlay. Overall, they had £37,025 invested in the government-backed bonds.
The other £1 million prize in January went to a very lucky bond holder in Gloucestershire, who only bought their winning bond in November last year, meaning this was the first draw they were eligible to participate in.
Winners of the Premium Bonds jackpot are notified in person by ‘Agent Million’, an NS&I employee who travels the country to give jackpot winners the good news. There are five Agent Millions, whose identities are kept secret.
In an interview with MoneyWeek, an NS&I representative said: “Winning £1 million is life changing, so when Agent Million informs the winners, secrecy ensures that sharing this news is a choice for them. Our Agent Millions are based in Lytham St Annes (in Lancashire), the home of Premium Bonds, so they do have to travel as well as spend the odd night away from home.
“Although they are sworn to secrecy about the role they perform, they may tell certain family members or loved ones about it for practical reasons. However, they must keep their role secret from friends and colleagues who do not need to know.”
January was a good month for Merseyside bond holders. In this month’s draw, another saver from Liverpool won the second top prize of £100,000. According to NS&I, customers winning prizes worth between £10,000 and £100,000 are sent a prize claim form in the post, which asks them how they would like their prize paid.
More than 80 bond holders won £100,000 in January, and more than 150 people scooped £50,000. The prizes start at £25 and go up to £1 million – but you’re not guaranteed to win a prize and may not win anything at all. Each month, there are two £1 million prizes handed out, in comparison to millions of much smaller prizes.
You get a unique bond number for every £1 invested, and you can invest from £25 up to £50,000 in total in Premium Bonds. You can cash in all or part of your Premium Bonds at any time.
Each £1 Bond has an equal chance of being paired with a prize. Many people set up their account so any winnings are used to buy more Bonds. The odds of a bond winning each month are 22,000 to 1 for every £1 bond – but most prizes are for smaller amounts. NS&I reduced its prize rate from 4.40% to 4.15% from its December 2024 draw – and it went down again to 4% this month.
The prize fund rate is often described as the the nearest thing Premium Bonds has to an interest rate. Andrew Westhead, NS&I Retail Director, said: “We carefully review our savings rates in response to changes in the broader market.
“These adjustments help us meet our Net Financing target while balancing the interests of our savers, taxpayers and the wider financial services sector. Premium Bonds remain a popular choice for millions of savers, backed by the 100% government guarantee, with the January 2025 draw set to deliver over 5.8 million tax-free prizes worth more than £431million.”