The February 2026 Premium Bonds draw landed at an awkward moment for Britain’s most popular savings lottery: payouts are shrinking, odds are static, and yet the product continues to mint new millionaires. That contradiction was on full display this month as two £1 million jackpots were claimed—one by a long-standing saver in Liverpool, the other by a more recent investor in Central Bedfordshire—underscoring both the appeal and the limitations of NS&I’s flagship scheme.
At a time when National Savings & Investments has cut its prize fund rate three times in a single year, the draw offered a reminder of why millions of savers remain engaged. The headline wins arrived just months after the latest reduction, with the prize fund rate now at 3.6%, down from 4.15% at the start of 2025. The odds per £1 Bond, however, have been unchanged at 22,000 to one since December 2024, meaning every eligible Bond—old or new—entered February’s draw on equal footing.
Big wins, smaller pot
The two £1 million prizes, awarded at the start of February 2026, went to bondholders whose paths into Premium Bonds could hardly have been more different. In Liverpool, the winning Bond—number 40QJ919368—dated back to October 2004, when it was purchased as part of an initial £2,000 holding. Over more than two decades, the saver gradually increased their investment to the £50,000 maximum permitted. That patience ultimately delivered the top prize, placing Liverpool among the UK regions to produce a Premium Bonds millionaire this month.
Central Bedfordshire’s winner, by contrast, joined the scheme much later. Their £1 million Bond, number 489TB013219, was bought in February 2022 within a £17,500 purchase. Like the Liverpool winner, they also held the full £50,000 at the time of the draw—proof, NS&I emphasises, that the timing of a purchase confers no advantage once a Bond is eligible.
Beyond the jackpots, the February draw scattered a series of mid-tier prizes across the country. Liverpool and the wider Merseyside area saw a particularly strong showing, including a £50,000 prize (Bond 427GM704870), several £25,000 wins—among them Bond 440BA235900 in Liverpool and Bond 354CM060528 in Wirral—and multiple £10,000 prizes. Bristol also featured prominently, collecting three £50,000 prizes, one of which (Bond 611QX230615) had been purchased as recently as January 2025. Two other Bristol Bonds, 259AV543412 and 346PK091453, matched that amount, while three £25,000 prizes, including Bonds 650MH228238 and 456JN587363, added to the city’s haul.
Some of the most striking wins came from much smaller, long-forgotten holdings. In Devon, a Bond identified as TS968214—bought in July 1973 with just £90—secured a significant prize. Similar outcomes were recorded in Plymouth and South East Wales, where Bonds purchased in October 1975 and April 1977 respectively each won £5,000. The South East Wales winner held only £86 in total going into the draw.
Shrinking rewards, enduring appeal
These individual successes sit against a less generous backdrop. NS&I trimmed the Premium Bonds prize fund rate from 4.15% to 4.00% in January 2025, cut it again to 3.80% in April, and reduced it once more to 3.60% in August. While the number of prizes has remained stable and smaller wins continue to be distributed, the reductions mean less money overall—particularly at the top end. As the BBC has noted, the likelihood of landing a large prize has diminished even as participation remains high.
Premium Bonds nevertheless retain a distinctive pull. Instead of paying interest, each £1 Bond is entered into a monthly, computer-generated draw for tax-free prizes ranging from £25 to £1 million, with two jackpots awarded every month. Investors can hold up to £50,000, and winners may have prizes paid directly into their bank accounts or automatically reinvested into additional Bonds, subject to the cap. Around nine in ten prizes are now paid out using these methods, part of an effort to curb the accumulation of forgotten winnings.
Despite that push, unclaimed prizes remain substantial. As of February 2026, NS&I reported 2,695,399 unclaimed Premium Bonds prizes with a combined value of £112,985,200. Savers are urged to register their bank details or use the official website and prize checker app to search by holder’s number.
For all the adjustments to rates and payouts, February’s draw reinforced the scheme’s central paradox: returns may be tightening, but the prospect of a tax-free windfall—whether from a Bond bought last year or half a century ago—continues to keep savers checking their numbers every month.
