Two Premium Bonds holders have woken up as millionaires after the July 2026 prize draw awarded a £1 million jackpot to one person in Reading and another in Warwickshire. The winners, who each hold a single winning bond worth £1, were selected by NS&I’s random number generator, ERNIE, from more than 136 billion eligible bonds.
The Reading winner bought their bond in July 2015 and holds a total of £49,931 in Premium Bonds – close to the maximum permitted holding of £50,000. Their winning bond number is 250TP871786. The Warwickshire winner purchased their bond in January 2014 and holds £14,000 in total, with bond number 217AV429216. The Warwickshire winner is the tenth person from the county to claim the £1 million top prize since the jackpot was introduced in April 1994.
Prize breakdown for July 2026
More than 6.2 million tax-free prizes worth over £433 million will be paid out to Premium Bonds winners this month. The total value of prizes distributed since the first draw in June 1957 now stands at £42 billion, with 845 million individual prizes awarded in that time. In the July draw, the prize fund rate is 3.80%, and the odds of a single £1 bond winning a prize are 22,000 to 1 – a shortening from the previous odds of 23,000 to 1. This change, along with an increase in the prize fund rate, means an estimated 322,000 extra prizes are being paid out each month compared to May 2026, boosting the total prize pot by more than £60 million. The July draw includes an additional 12 £100,000 prizes, 24 more £50,000 prizes, and 49 extra £25,000 prizes.
The full breakdown of prizes in July is as follows:
- £1,000,000 – 2 prizes
- £100,000 – 83 prizes
- £50,000 – 165 prizes
- £25,000 – 331 prizes
- £10,000 – 828 prizes
- £5,000 – 1,654 prizes
- £1,000 – 17,350 prizes
- £500 – 52,050 prizes
- £100 – 1,931,643 prizes
- £50 – 1,931,643 prizes
- £25 – 2,290,430 prizes
In total, 6,226,179 prizes worth £433,757,200 are being paid out this month.
How Premium Bonds work
Premium Bonds are a government-backed savings product offered by National Savings and Investments (NS&I). Instead of earning interest, bondholders are entered into a monthly prize draw for tax-free cash prizes. Each bond costs £1, with a minimum initial purchase of £25 and a maximum holding of £50,000 per person – though a couple can hold up to £100,000 between them. Bonds must be held for a full calendar month before they become eligible for a draw. All prizes are exempt from UK Income Tax and Capital Gains Tax, making the product particularly attractive for higher and additional rate taxpayers who may have already used their Personal Savings Allowance.
The prize draws are generated by ERNIE (Electronic Random Number Indicator Equipment), now in its fifth iteration and powered by quantum technology to speed up calculations. Since Premium Bonds were launched in 1956, the product has become the UK’s biggest savings vehicle, with more than 24 million people holding accounts. The first £1 million jackpot was introduced in April 1994; by April 2024, 528 people had won the top prize. The youngest ever jackpot winner was three years old; the oldest was 98.
The scale of unclaimed prizes
NS&I says that over 99% of prizes have been paid to winners since draws began in 1957, but the sheer volume of prizes means millions remain unclaimed. As of June 2026, there are nearly 2.8 million unclaimed Premium Bonds prizes worth more than £121 million. The sums range from the smallest prize of £25 up to £100,000. Critically, prizes never expire – even wins from the 1950s can still be claimed. Common reasons for prizes going unclaimed include winners moving house without updating their address or opting to receive payments by cheque. NS&I encourages bondholders to keep their contact details up to date and to choose direct bank payments or reinvestment of prizes to avoid losing track of winnings. The organisation also offers a prize checker tool and a tracing service to help people locate lost bonds or unclaimed prizes.
How to check if you have won
The two £1 million jackpot winners are contacted directly and in person by an NS&I employee known as “Agent Million”. In-person visits were suspended during the COVID-19 pandemic but have since resumed. For prizes ranging from £25 to £100,000, bondholders can check the day after the first working day of the month. For the July 2026 draw, that date is Thursday, 2 July. Checks can be made using the official Premium Bonds prize checker app, the NS&I website, or by asking Alexa. Bondholders will need their Premium Bonds holder number or NS&I number to access their account.
The prize checker app and website display prizes won in the current month, any wins from the previous six draws, and older unclaimed prizes. Because Premium Bonds do not expire, NS&I recommends that anyone who bought bonds years ago should check whether they have any prizes waiting for them. NS&I provides jackpot winners with a pack containing information on how to find high-quality financial advice and strongly encourages them to consult a qualified Financial Planner.
