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You can buy premium bonds from 16 years old. A parent or guardian can buy premium bonds for a child under 16, which the child will have access to once they turn 16. This is sometimes used as a loophole, as the maximum investment per person is £50k.

Source? I can't find anything about it online - but there was a mini-documentary on the Beeb many years ago saying how it all worked. Also, your understanding isn't correct either - as you can view the high value prizes online the day BEFORE the outcomes and prize checker goes live.

It certainly seems that way, but the draw does in fact take place during the middle of the month, some time before the results are published, for the purpose of informing the millionaires (but in reality the policy is probably put in place to earn NS&I more interest before paying out the winnings).

The draw is carried out somewhere in the middle of the month. This gives the millionaire man a chance to locate the lucky winners and visit them to tell them the good news. The rest of us get informed on the first working day of the following month. There could be a delay on the account...

You have odds of 3,500/1 per month of winning a prize with those... or 292/1 per year. So essentially, give it a couple more hundred years and you'll probably win something eventually.

£50,000 per person. In a way this is a loophole, as any wife or children can have their own accounts too. So for example if you have a wife and 2 children you can invest £200k between you... be careful when they turn 16 though ;)

I'm on a good run - 4th consecutive month with a prize with only £5k invested.

...and another prize rate increase, this time from 4% to 4.65%. The probability of winning a prize will be 21,000 to 1 from 22,000 to 1. The number of small prizes (£25) is being REDUCED... but there will be an additional 13 £100k prizes, and 28 £50k prizes. Good luck everyone!

With £7k, you should be average a prize every 3-4 months.

1x £50 prize for me this month. Pleased with that as I have a relatively small holding. Definitely beating even the very best savings accounts this year.

£0 for me too. £5k invested. Won £50 this so far this calender year, which just about beats the average savings account... but is a good return for the odds 24,000 - 1. With £2,500, probabilistically, you should be winning at least one prize per year. More so once the odds increase to 22,000...

The draw is tomorrow. Tomorrow is also when the very high value prize winners will get a visit from the reps. For the rest of us, we'll learn of the results Tuesday.

Premium bonds rate increased yet again for the August draw, from 3.7% to 4%. The main change for this draw will be the prize probability increasing from 24,000 to 1 to 22,000 to 1.

Yep, well done to you for being cautious online. That is indeed the correct ns&I premium bonds website.

From July the Premium Bonds prize pool has been increased by 0.4% to 3.7%. Odds remain 24,000 to 1, but there are significantly more £100k, £50k, and £25k prizes. For perspective, a year ago there were just 6x prizes paying £100k... from July, there will be 71. What's the most you've ever won...