Premium Bond winners for November draw revealed – check if you’ve won a prize
TWO Premium Bond owners have won the top £1million prize in this month's draw.
The first winner, from Warwickshire, won off the back of a £25 bond bought in November 2016.
The second, from Cornwall, bagged the £1million cash with a £15,000 bond bought in January this year.
The first winner has £50,000 saved away in total, the maximum amount, while the second has a £38,000 holding.
Outside the top two, a further 89 Premium Bond owners won £100,00 each and one with a holding of just £1,000.
This month, National Savings & Investments (NS&I) handed out six million prizes worth a total of £463million.
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All the biggest winners have been published on the NS&I website so you can see if your bond number is worth a prize.
You can check the NS&I Premium Bonds prize checker the day after the first working day of the month to find out if you have won.
What are Premium Bonds?
Premium Bonds are a type of savings account offered by the Government through National Savings and Investments (NS&I).
But instead of earning interest on anything saved your bonds are entered into a monthly prize draw.
The minimum amount bond you can buy is £25 with the maximum amount £50,000.
Each Premium Bond is worth £1 so a £25 bond gives you 25 entries into the monthly draw.
Any winnings you get from a Premium Bond, which are paid into your bank account, are tax-free meaning you keep the entire amount.
Because NS&I is owned by the government, your savings are totally safe and won't get lost too.
You can buy Premium Bonds over the phone, online or by post as long as you're over 16.
Parents, grandparents and legal guardians can buy Premium Bonds on behalf of children under 16.
How can I check if I've won?
You can check your numbers online using the NS&I Premium Bond prize checker online.
You will need to know the serial numbers on your Premium Bonds which can be found through your online account.
If you have lost your numbers or are unsure you can check with NS&I.
There is also an official app for iPhones, Android and Amazon Echo which you can use to check if you have won each month.
To check via any of the apps, you must use your NS&I number. You can find this on any documents sent to you by NS&I.
How likely am I to be a winner?
The chance of winning a prize with an individual bond right now is 21,000 to one.
Each bond has an equal chance of winning and the more you buy, the more your chances improve.
You can check your odds depending on how many bonds you have and how long you'll keep them using the calculator on MoneySavingExpert.com
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This makes it easier to see if Premium Bonds are right for you, or if you'd be better off with another savings account.
Anyone who has used up their annual ISA limit or personal savings allowance could benefit by saving into Premium Bonds.
Where to find the best savings rates
Many savings accounts offer miserly rates meaning that money is generating little or no return.
However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.
Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not.
Check in at least once a month to see what is happening in the market.
Check what is offered by your bank - sometimes the best rates are for customers only.
But do search the wider market as often top savings accounts are offered by lesser known providers.
Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.
You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies.
Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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