NS&I unveils Premium Bonds results for January 2025 with £1m ...

NS&I has announced the Premium Bonds prize winners for January 2025, with two savers winning a £1million jackpot. The first millionaire of 2025 hails from Liverpool, with winning Bond 492XB861312, purchased in March 2022 when they bought £18,025 in Bonds. They previously had total holdings to £37,025.

The second top prize goes to a Gloucestershire resident, with winning Bond 601RW421962, purchased in November 2024 when they bought £17,480 in Bonds. They previously held the maximum £50,000.

NS&I has reduced the prize fund rate to four percent from the January draw, with the odds of winning now at 22,000 to one. Among the top prize winners were several people who previously had low holdings.

A Cornwall resident won £50,000 from just £100 in Bonds, while a North East Scotland resident also bagged £50,000 despite only having £250 in Bonds. Another fortunate saver from Cambridgeshire who had just £20 in holdings took home £10,000.

They purchased their winning Bond 55 years ago, in January 1970, when they purchased £3 in Bonds. Winning Bonds are chosen at random so each £1 Bond has an equal chance of being selected for a prize.

Many customers set up their account so whenever they win a prize, the funds are automatically used to buy more Bonds, thus increasing their chances of winning again. Cash rewards from Premium Bonds can range from the £1 million jackpot down to £25, and you can check if you're due any prizes using the prize checker tool on the NS&I website.

But with the recent slash in win rates, bond holders may question whether Premium Bonds remain a suitable option for them. Sarah Coles, head of personal finance at Hargreaves Lansdown, underscored the potential setbacks of investing in the Bonds.

She said: "The Bonds offer a decent prize rate of four percent, but because of the lumpy way those prizes are awarded, the average bond holder won’t take anything like this away. In fact, in the average month, they’ll win nothing. It means that after inflation, there’s a real chance you’re losing money.

"The longer you hold the bonds for, the bigger an impact it can have." Considering the effects of inflation, today's £1 million jackpot doesn't hold the same value as when it was first launched in April 1994. To match the rise in living costs since then, the top prize would now need to be £2,734,618.