August 2024 Premium Bond Winners Two lucky premium bond winners August 2024 see their bank account balance increase by a million pounds. Premium Bonds are a type of lottery savings offered by the UK government. Each month, random selection is done to determine the winner, and there are various ways you would know that you have won a prize.

This August has brought some jovial news to Premium Bond holders. Two lucky winners have scooped a £1 million jackpot to ensure this summer, which will be one to remember for the pair. The weather is taking a turn for the worst, and the rainy days make a dent in our wallet; therefore, these wins may come in handy.

What Are Premium Bonds?

Premium Bonds are a particular type of savings product offered by National Savings and Investments, a government-owned bank in the United Kingdom. Instead, holders of Premium Bonds join a monthly lottery. Each month NS&I draws numbers randomly, and the winners receive prizes that are tax-free, starting from £25 up to £1 million.

The good news is that the prize fund rate has recently increased. It now stands at its highest in nearly 25 years because of the rise of UK interest rates. More money available means more money for prizes.

Who Won in August 2024?

Big winners for August 2024 are:

1. One winner, from Outer London, won £1 million. The winning number is 516FV135553, and the bond was purchased October two years ago. They have a total holding of £600.

2. The second winner, from Devon, also won £1 million. Their bond was purchased in May 2015, and they have a total holding of £20,000. The winning bond number is 245FP902498.

Besides these jackpot prizes, other winners received cash prizes from £100,000 to £5,000. Thousands more won smaller amounts, from £1,000 to £25.

How Premium Bonds Work

Premium Bonds represent the popular way to save among people in the UK. They don’t pay interest like ordinary savings accounts, but instead, holders of the bonds get entered into a lottery each month, and if your bond number comes out, you win a prize.

It depends on the number of bonds that you have as well as how many are in a given draw. An example is the odds of a £1 bond winning any prize: 21,000 to 1. Even with these kinds of odds, however, many people enjoy the excitement of possibly having huge winnings.

How to Check If You’ve Won

Check if you’ve won a prize with your Premium Bonds using these easy methods:

1. Online Prize Checker: You can check on NS&I’s online prize checker tool. Just log on to their website and enter your bond number.

2. Mobile App: Get the NS&I iOS or Android app—this app will let you check your bonds for any prizes won.

3. Amazon Alexa: If you have one, just ask Alexa to check your bonds. It’s able to recall all your bond numbers from the last six prize draws.

You will also need your holder’s number to check your bonds. You will find this number on your Bond record, or you can access it by logging in on the NS&I website. Usually, it is a nine or ten-digit or an eight-digit number followed by a letter.

Prizes may be claimed up to the time that your holdings are registered by the computer before each draw.

There’s no need to hurry if you win a prize. Prizes don’t expire, and so one may claim at any time he pleases. In order not to miss your winning, you can choose to have your prize money paid directly into your bank account or reinvest in more Premium Bonds. This is how almost nine in ten prizes are already paid, NS&I reports.

The Odds of Winning

This means that in July 2024, the prize fund rate for Premium Bonds was 4.40%. In other words, for every pound put into a bond, the chance of winning a prize is 21,000 to 1. The rate has been increased recently to 4.65% in September, the highest since March 1999.

As of November 2023, over 2.3 million Premium Bond prizes remain unclaimed, with values over £81 million. So, it’s worth checking if you do have any unclaimed prizes if you have Premium Bonds.

Premium Bonds offer a unique and exciting way of saving. For many people, the prospect of winning a big prize can prove irresistible—even though there is no regular interest on the bonds. Now may be the best time to check your numbers, especially with the latest rise in the prize fund rate. You never know when the luck will be on your side, and you end up winning big!