Have you ever dreamed of waking up to life-changing news? Maybe a knock at the door or a notification that flips your world upside down—in the best way possible. For two lucky savers in May 2025, that dream became reality, thanks to the Premium Bonds prize draw. This monthly lottery-style savings scheme has been turning ordinary folks into millionaires for decades, and this month, it’s made headlines again with two £1 million jackpots. So, who won? How can you check if you’re sitting on a prize? And, perhaps most importantly, are Premium Bonds worth the hype? Let’s dive into the details and uncover what makes this savings vehicle so intriguing.
The Thrill of the Premium Bonds Draw
Premium Bonds aren’t your typical savings account. Instead of earning predictable interest, your money is entered into a monthly prize draw with rewards ranging from £25 to a jaw-dropping £1 million. It’s like a lottery, but with a twist: your investment is safe, and you can cash out anytime. The excitement lies in the chance to win big, tax-free, without risking your principal. For many, it’s a fun way to save while dreaming of a windfall. But who walked away with the top prizes in May 2025, and what can we learn from their wins?
Meet the New Millionaires
This month, two savers joined the exclusive club of Premium Bonds millionaires. One hails from Derbyshire, holding just over £25,000 in bonds, with their winning number purchased back in July 2021. The other, from Suffolk, had £35,000 invested, with their golden ticket bought in April 2017. Imagine the moment they got the news—likely a visit from the mysterious Agent Million, an NS&I representative who delivers life-changing surprises in person. I can’t help but wonder: were they sipping tea, scrolling their phone, or maybe out walking the dog when the doorbell rang?
“Winning £1 million is a life-altering event, but it’s the unexpected nature of Premium Bonds that makes it so thrilling.”
– Personal finance expert
These wins highlight a key aspect of Premium Bonds: you don’t need to max out your £50,000 limit to hit the jackpot. Both winners held relatively modest amounts compared to some, proving that luck can strike anyone. But with over 5.9 million prizes distributed this month, the draw isn’t just about millionaires. Thousands of others pocketed prizes from £25 to £100,000. So, how do you find out if you’re one of them?
How to Check Your Premium Bonds Prizes
Checking for prizes is easier than ever, but you’ll need to act fast—prizes from the May 2025 draw are available to check starting May 2. The simplest way is through NS&I’s online prize checker tool or their mobile app, available for both iOS and Android. Just have your Premium Bonds number handy, and you can see if you’ve won anything, even from past draws. If you’re feeling a bit tech-savvy, you can even ask an Amazon Alexa to dig into your prize history, going all the way back to 1986. How’s that for a blast from the past?
- Online or App: Use NS&I’s prize checker with your bond number.
- Alexa: Ask your device to check winnings from decades ago.
- Mail: Write to NS&I with your name, address, and bond number.
- Phone: Call 08085 007 007 if you’re registered for online/phone banking.
Here’s a pro tip: don’t let prizes slip through the cracks. NS&I reports over 2.5 million unclaimed prizes worth more than £97 million. Some of these date back to the 1950s, and they never expire. If you’ve held bonds for years—or inherited some—take a moment to check. You might be sitting on a small fortune without even knowing it.
How Prizes Are Paid Out
When you set up your Premium Bonds, you chose how you’d like to receive any winnings. Most people—over 90%—opt for automatic payments straight to their bank account or reinvestment into more bonds. It’s seamless and means your prize is either boosting your savings or ready to spend. If you didn’t choose automatic payments, expect a cheque in the mail. But here’s a heads-up: if you’ve moved since buying your bonds, update your address with NS&I to avoid delays. You can tweak your payment preferences on their website anytime.
I’ve always found the reinvestment option particularly clever. It’s like letting your winnings roll the dice again, potentially increasing your chances in future draws. But if you’re dreaming of a new car or a dream vacation, having that cash hit your account might feel even sweeter.
Breaking Down the May 2025 Draw
The May 2025 draw was massive, with 5,941,150 prizes totaling £413,900,125. Beyond the two £1 million jackpots, 79 people won £100,000, and 157 scored £50,000. Smaller prizes dominated, with over 5.9 million awards ranging from £25 to £1,000. The prize fund rate—the average return for bondholders—was 3.8%, down slightly after recent adjustments by NS&I. Your odds of winning? A steady 22,000 to 1 for every £1 bond.
| Prize Value | Number of Prizes |
| £1,000,000 | 2 |
| £100,000 | 79 |
| £50,000 | 157 |
| £25,000 | 315 |
| £10,000 | 789 |
| £5,000 | 1,575 |
| £1,000 | 16,556 |
| £500 | 49,668 |
| £100 | 1,843,199 |
| £50 | 1,843,199 |
| £25 | 2,185,611 |
This table paints a clear picture: while millionaires grab the headlines, the vast majority of prizes are smaller. Still, with nearly 6 million chances to win each month, the draw keeps savers hooked. But here’s the million-dollar question: are Premium Bonds actually worth it?
Are Premium Bonds Worth Your Money?
Premium Bonds are a bit like Marmite—you either love the thrill or wonder why anyone bothers. On one hand, they’re a tax-free savings option backed by the government, making them as safe as it gets. Your money’s secure, and you’ve got a shot at life-changing prizes. On the other, the odds of winning big are slim, and recent data suggests 63% of bondholders have never won a penny. That’s a tough pill to swallow if you’re expecting regular returns.
Here’s where it gets interesting. Winners tend to hold more bonds—on average, £23,397 compared to the overall average of £5,406. This suggests that investing a larger sum boosts your chances, but it’s no guarantee. For me, the real draw is the tax-free aspect. If you’re in a higher tax bracket, avoiding tax on savings can be a game-changer, especially when traditional savings accounts are taxed to the hilt.
“Premium Bonds offer a unique blend of security and excitement, but they’re not for everyone. It’s about balancing fun with financial strategy.”
– Savings analyst
So, who are Premium Bonds best for? They suit savers who want a low-risk option with a sprinkle of excitement. If you’re the type who’d rather play it safe than chase high interest rates, or if you love the idea of a surprise windfall, they’re worth a look. But if you’re after guaranteed returns, you might want to explore other savings vehicles.
Alternatives to Premium Bonds
Not sold on Premium Bonds? You’re not alone. There are other ways to make your money work harder while keeping things fun. Some banks and building societies offer prize-linked savings accounts, where you earn interest and get entered into draws. These can be a middle ground, offering predictable returns with a chance for bonuses. Alternatively, high-yield savings accounts or ISAs might deliver better returns, especially in a high-interest-rate environment.
- Prize-Linked Accounts: Combine interest with prize draws.
- High-Yield Savings: Guaranteed returns, often above inflation.
- ISAs: Tax-free savings with competitive rates.
Each option has its pros and cons, but they lack the unique thrill of Premium Bonds. There’s something undeniably exciting about knowing your bond number could be the next big winner. Maybe it’s the dreamer in me, but I’d argue that’s worth something.
Tips for Maximizing Your Premium Bonds Experience
If you’re ready to dip your toes into Premium Bonds—or already have some—here are a few ways to make the most of them. First, consider investing more if your budget allows. The more bonds you hold, the better your odds, though there’s no magic number. Second, check your prizes regularly. Those unclaimed millions are a reminder that winnings can slip through the cracks. Finally, set realistic expectations. Treat Premium Bonds as a fun sidekick to your main savings strategy, not a get-rich-quick scheme.
In my experience, the key is balance. Pair Premium Bonds with other savings or investments to diversify your portfolio. That way, you’re covered for steady growth while still chasing that million-pound dream. Who knows? Maybe one day, Agent Million will come knocking at your door.
The Bigger Picture: Why Premium Bonds Matter
Premium Bonds aren’t just about winning—they’re a cultural phenomenon. Since their launch in 1956, they’ve captured the imagination of millions, blending the practicality of saving with the thrill of a lottery. They’re a reminder that money doesn’t have to be boring. Whether you’re a seasoned investor or just starting out, they offer a unique way to engage with your finances. And with tax-free prizes and government backing, they’re a low-risk option in an often unpredictable world.
Perhaps the most fascinating aspect is the stories they create. From the Derbyshire saver who struck gold with a 2021 bond to the Suffolk winner who waited eight years for their moment, each prize has a human story behind it. These aren’t just numbers—they’re dreams realized, plans accelerated, and lives changed.
So, are you ready to join the Premium Bonds club? Or maybe you’re already in, eagerly checking your numbers each month. Either way, the May 2025 draw is a reminder that fortune can strike when you least expect it. Why not take a chance and see where it leads?
