Premium Bonds cost £1 per unique Bond number and can be bought from NS&I. That said, the minimum investment is £25, and the most a person can invest is up to £50,000. The Bonds can be entered into the draw one full calendar month after they have been bought. Per £1 Bond number, the odds of winning are 24,500 to 1, NS&I states.
The amount and size of prizes can vary from month to month, with the prize levels ranging from £25 to £1million.
Ahead of the October 2019 prize draw results being revealed, NS&I has revealed the estimate of what prizes are up for grabs next month.
In October, NS&I is expecting two £1million payouts, according to the estimates.
The figures also suggest there could be six prizes to the value of £100,000 each.
Just like in September, it’s also estimated that there will be 11 £50,000 payouts and 22 prizes to the tune of £25,000.
The estimated number of prizes worth £10,000 stands at 56 in October, while there were 55 £10,000 payouts in September.
NS&I also estimates that 112 Bond numbers could be selected for a £5,000 prize – while 1,928 could be selected for a £1,000 win.
Another prize classed by NS&I as medium value is the £500 payout – of which NS&I estimates there to be 5,784 in October.
It’s expected that 26,435 Bond numbers could be matched with a £100 win.
Meanwhile, there looks set to be 26,435 winners for £50 and 3,311,911 payouts to the value of £25.
This brings the total number of estimated prizes to 3,372,702, at a value of £96,403,025.