Interest rates
We hold a prize draw every month with a £1 million jackpot. We set the size of each month’s prize fund by calculating one month’s interest on the total value of all eligible Bonds, at the annual rate shown below.
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Annual prize fund interest rate | Tax information | |
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1.50% | All prizes are tax-free | |
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Odds of winning
The odds of winning are shown below. We calculate the number of prizes in each draw by dividing the total number of eligible Bond units by the odds.
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Odds | |
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24,000 to 1 | |
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Prizes
The table below shows the value of the individual prizes together with the number of prizes of each value for the August 2010 draw, as an example. We’ll update this estimate every three months or whenever we change the prize fund interest rate, prize values, odds or prize distribution.
Prize draw in August 2010 (estimated)
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| | Prize band | Prize value | Number of prizes | | ||
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| | Higher value 6% of prize fund | £1 million | 1 | | ||
| £100,000 | 4 | | |||||
| £50,000 | 9 | | |||||
| £25,000 | 17 | | |||||
| £10,000 | 43 | | |||||
| £5,000 | 86 | | |||||
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| | Medium value 5% of prize fund | £1,000 | 1,046 | | ||
| £500 | 3,138 | | |||||
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| | Lower value 89% of prize fund | £100 | 30,720 | | ||
| £50 | 30,720 | | |||||
| £25 | 1,676,963 | ||||||
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| | Total value for August 2010 | £52.3 million | 1,742,747 | | ||
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Please see the terms and conditions for full details of how we distribute the prizes within each prize band.
Changes to Premium Bonds prize fund
The prize fund interest rate, prize values, odds of winning and the way we allocate the number of prizes of each value are all variable, so they may change from time to time. Please check this page regularly to keep up-to-date with any changes.
