Two Premium Bonds holders each won £1 million in NS&I’s November 2026 prize draw, one in Outer London and one in Shropshire. NS&I paid 6,575,175 tax-free prizes worth £500,535,100 in total, and the prize fund rate is 4.35% with odds of 21,000 to 1 for each £1 bond. Here is what the November results show, how the rate has moved this year, how to check your numbers and what the odds mean for your own holding.
This is general information, not personal financial advice. Figures come from Which?, NS&I’s own press releases and the other sources named below, and the rate and odds can change.
The November 2026 Premium Bonds Draw at a Glance
| Measure | November 2026 draw |
|---|---|
| £1 million prizes | 2 (one in Outer London, one in Shropshire) |
| £100,000 prizes | 96 |
| Total prizes paid | 6,575,175 |
| Total prize value | £500,535,100 |
| Prizes worth £500 or less | 4,822,894 |
| Prize fund rate | 4.35% (variable, tax-free) |
| Odds per £1 bond | 21,000 to 1 each month |
Almost three in four prizes (4,822,894 of 6,575,175) were worth £500 or less, so the draw is weighted towards many smaller prizes with a handful of very large ones. Source: Which? and NS&I.
How to Check Whether You Have Won
You need your holder’s number, which appears on your bond record or in your online account. NS&I says you can check through its app, its website or Alexa. The jackpot numbers come out on the first working day of the month, and the full list of smaller prizes follows a day or two later.
It is also worth looking for older prizes you may never have claimed. Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax, so there is nothing to declare on them.
How the Prize Fund Rate Changed in 2026
| Draw | Prize fund rate | Odds per £1 bond | Announced |
|---|---|---|---|
| Before April 2026 | 3.60% | 22,000 to 1 | Rate from August 2025, odds from December 2024 |
| From the April 2026 draw | 3.30% | 23,000 to 1 | 24 February 2026 |
| From the July 2026 draw | 3.80% | 22,000 to 1 | 14 May 2026 |
| From the September 2026 draw | 4.35% | 21,000 to 1 | 18 August 2026 |
Source: NS&I press releases. NS&I said the September change added around 308,000 extra tax-free prizes, and that it has over 22 million Premium Bonds holders. The prize fund rate is not interest: it sets the size of the monthly prize fund, and NS&I changed it three times this year.
NS&I has said its rate changes reflect the wider savings market. For the backdrop on rates, see our guide to the Bank of England’s rate rise to 4%.
More in Finance
What the Odds Mean for Your Holding
NS&I’s odds apply to each £1 bond each month. Using the current 21,000 to 1, the table shows what that implies over a year. These are our own calculations, assuming every bond is eligible and the odds and rate stay where they are all year, so treat them as an illustration rather than a forecast.
| Holding | Average prizes a year | Chance of no prize in a year | Average prize value a year at 4.35% |
|---|---|---|---|
| £100 | 0.06 | about 94% | £4.35 |
| £1,000 | 0.57 | about 56% | £43.50 |
| £10,000 | 5.7 | about 0.3% | £435 |
| £50,000 | 28.6 | effectively zero | £2,175 |
The average prize value is simply the prize fund rate applied to your holding. Averages hide a wide spread. With £1,000, for example, you have a slightly better than even chance of winning nothing in a year, while a few holders win far more than the average.
Rules, Limits and Next Draw Dates
- You can buy from £25 and hold up to £50,000 per person.
- Prizes run from £25 to £1 million and are free of UK Income Tax and Capital Gains Tax.
- NS&I says Premium Bonds are 100% backed by HM Treasury.
- New purchases must be held for a full calendar month before entering a draw, so bonds bought in November become eligible for the January draw.
| Draw | Big prizes drawn |
|---|---|
| December 2026 | Tuesday 1 December |
| January 2027 | Monday 4 January |
Draw dates are taken from Lovemoney’s listing of NS&I draw dates.
Premium Bonds or a Savings Account: What to Weigh
- Prizes are not guaranteed. A savings account pays a stated rate. Premium Bonds pay a variable prize fund rate on average, and your own result depends on luck.
- Tax. Premium Bonds prizes are tax-free, while savings interest can be taxable depending on your income and allowances, so the comparison differs from person to person.
- Security. NS&I says Premium Bonds are fully backed by HM Treasury.
- Rates move. NS&I changed the prize fund rate three times in 2026, so check the current rate before you decide.
We cannot say which suits you. Compare the current guaranteed rates in the market with the prize fund rate, and think about how comfortable you are with a variable outcome. If you are saving towards a goal such as Christmas, our Christmas budget planner shows how to spread the cost.
Frequently Asked Questions
Who won £1 million in the November 2026 Premium Bonds draw?
Two holders each won £1 million, one in Outer London and one in Shropshire, according to NS&I figures reported by Which? and other outlets.
What is the Premium Bonds prize fund rate?
It is 4.35% (variable) from the September 2026 draw, up from 3.80%. It is not interest: it sets the size of the monthly prize fund.
What are the odds of winning with Premium Bonds?
The odds are 21,000 to 1 for each £1 bond each month from the September 2026 draw, improved from 22,000 to 1.
When is the next Premium Bonds draw?
The December 2026 big prizes are drawn on Tuesday 1 December, with the January 2027 draw on Monday 4 January.
Are Premium Bonds prizes taxable?
No. NS&I states that Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
How do I check my Premium Bonds numbers?
Use the NS&I app, the NS&I website or Alexa, and have your holder’s number ready.
How much can I hold in Premium Bonds?
You can buy from £25 and hold up to £50,000 per person.
The Bottom Line
November’s draw paid out more than £500 million across 6.6 million prizes, but the odds on any one bond are long, and your own result is a matter of luck. The 4.35% prize fund rate is an average, not a promise. Check your numbers, know the rules, and weigh the choice against guaranteed savings rates before you decide.
Sources: Which? (November 2026 draw results), NS&I press releases of 24 February, 14 May and 18 August 2026, IBTimes UK, Lovemoney and uktax.tools. This article is general information and not personal financial advice.
