24 Million Savers Await May Premium Bonds Draw as Odds Remain 22,000-to-1

Key facts

• 24 million people participate in the Premium Bonds scheme.
• Total invested exceeds £127bn.
• Each £1 bond has a 22,000-to-1 chance of winning a prize.
• Minimum investment is £25; maximum is £50,000.
• Two £1 million prizes are awarded each month.
• The May 2026 draw takes place on Friday 1 May; results released Saturday 2 May.
• Prizes range from £25 to £1 million.
• Effective interest rate is 4% but most savers see far less.

The May Draw and the Odds

On Friday 1 May, the National Savings and Investment (NS&I) will conduct its monthly Premium Bonds prize draw, selecting winners from a pool of 24 million savers who have collectively banked more than £127bn. The draw, run by the government-owned institution, will award two £1 million top prizes alongside thousands of smaller cash prizes ranging from £25 to £100,000. Each £1 bond carries a 22,000-to-1 chance of winning any prize in a given month. The minimum investment is £25, while the maximum is capped at £50,000. Unlike traditional savings accounts, Premium Bonds do not accrue interest; instead, the money is entered into a random digital selection process managed by a system called Ernie – the Electronic Random Number Indicator Equipment.

How the Prize Distribution Works

The prize fund is determined by an effective interest rate that NS&I sets. Currently, that rate stands at 4% when all winnings are aggregated, according to analysis by money expert Martin Lewis. However, most savers will not achieve that return, as the distribution is highly skewed: the majority of bondholders win nothing in any given month, while a tiny fraction receive large prizes. The distribution of prizes changes slightly each month. In January 2026, for example, the breakdown included two £1 million prizes, a handful of £100,000 awards, and many more £25 prizes. The exact numbers for May will be released by NS&I after the draw.

Checking Results and the NS&I App

Savers can check whether they have won by visiting the NS&I website and entering their bond numbers. An official NS&I app also allows holders to view results on mobile devices. Results for the May draw will be available from Saturday 2 May. The scheme is risk-free: the original investment is never lost, unlike stocks or shares. But the trade-off is that many savers see no return at all, and the effective interest rate for most is well below the 4% headline figure.

Comparison with Traditional Savings Accounts

Many high-street savings accounts in the UK currently offer interest rates above 4%, providing a more consistent return than Premium Bonds. However, Premium Bonds appeal to savers who are willing to forgo guaranteed interest for the chance – however slim – of a life-changing windfall. The psychological allure of potentially winning £1 million with a small stake keeps millions of people invested, even as the odds remain long.

The Broader Context of NS&I's Role

NS&I, as a government-owned entity, uses the funds raised from Premium Bonds to help finance public borrowing. The scheme has been a staple of British savings culture for decades, with the first draw held in 1956. Today, it remains one of the largest savings vehicles in the country, holding over £127bn from 24 million participants. The May draw will be the latest in a long line of monthly events that have created hundreds of millionaires since the scheme's inception.

What the May Draw Means for Savers

For the 24 million bondholders, the May draw represents another chance to win, but the reality is that most will receive nothing. The 22,000-to-1 odds per bond mean that a saver with the maximum £50,000 invested has roughly a 90% chance of winning at least one prize over a year – but that still leaves a 10% chance of winning nothing at all. The two £1 million winners will be announced on Saturday, but for the vast majority, their investment will remain unchanged.

The bottom line

• 24 million savers have £127bn in Premium Bonds, with the May draw on Friday 1 May.
• Each £1 bond has a 22,000-to-1 chance of winning a prize each month.
• Two £1 million prizes are awarded monthly, but most bondholders win nothing.
• The effective interest rate is 4%, but most savers see far less; many accounts offer higher guaranteed rates.
• The scheme is risk-free but offers no guaranteed return, unlike traditional savings accounts.
• Results are available from Saturday 2 May via the NS&I website or app.