Premium Bonds: Inquisitive man asks what happens if a child wins £1million jackpot | Personal Finance | Finance newsbhunt


A man asked NS&I if a child has ever won the £1million Premium Bonds jackpot and what happens if a child wins the top prize.

Twitter user Dale Kirkpatrick (@D_Kirkpatrick) asked the question as he had “always wondered” what the process is should this happen.

He said: “I think I’d leave the max £50k in Premium Bonds in for all of us, but the remaining £££ would make our family’s life a lot more comfortable?”

NS&I had a concise response for the inquisitive man, saying: “Policy doesn’t change in light of prize value.

“If the child is under 16 the responsible parents manage the account, so the decision regarding what to do with the funds is theirs.”

Having had the response, the man asked again if this had ever happened and a youngster had bagged the jackpot.

Another Twitter user, Robin Melley (@RobinMelley), whose Twitter bio states he is a chartered financial planner, then chipped in to say he had dealt with four child jackpot winners.

NS&I later responded to Mr Kirkpatrick, seemingly addressing his question about if a child had ever won the £1million.

The group said: “We don’t have that information to hand, but you may be able to find out via an FOI request.”

Each £1 Bond has an equal chance of winning one of the two £1million jackpot prizes in each monthly prize draw.

As Mr Kirkpatrick referred to in his original tweet, a person can hold up to £50,000 in Premium Bonds. The more Bonds a person has, the better their chance of winning.

The chances of winning are increasing from four percent to 4.65 percent in the September prize draw.

The odds of a Bond winning a prize are going up from 21,000 to one. But savers should note winners are chosen at random so a person with Premium Bonds can go months or even years without winning a prize.

Premium Bonds do not have an interest rate as with a conventional savings account, so a person who doesn’t win anything will not see their savings increase in value, and they will deplete in real terms because of inflation.

NS&I chief executive, Dax Harkins, said: “Premium Bonds are one of the nation’s favourite savings products, so increasing the prize fund rate to its best level since 1999 and improving the odds means that more people will have the chance to win prizes each month.

“These rate increases will help ensure that our savings products remain attractive to customers, whilst ensuring that we continue to balance the needs of savers, taxpayers and the broader financial services sector.”

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.


#Premium #Bonds #Inquisitive #man #asks #child #wins #1million #jackpot #Personal #Finance #Finance

You May Also Like

More From Author

+ There are no comments

Add yours