Ns&i Announced April Premium Bonds Winners As Prize Rates Dropped

So, the April Premium Bonds winners have been announced, and if you’re like me, you probably checked your prize checker with the grim determination of someone expecting a parking ticket. Yep, NS&I has dropped the prize rate again, from 4.0% to 3.8%. That’s like finding out your favorite coffee shop raised prices and watered down the brew at the same time.

Let’s be honest: your odds of winning the £1 million jackpot are now roughly the same as being struck by lightning while riding a unicycle. The odds per bond are now 22,000 to one, which is actually worse than the 21,000 to one they were back in March. But hey, at least someone won the big one—a lucky soul in Outer London who probably didn’t even scream, because they were too busy checking their account twice.

The winners: a tale of two (very boring) heroes

First up is Mr. J from Outer London, who won the first £1 million prize. His winning bond number is 625QS449602, if you want to stare at it and feel a tiny bit jealous. The second million went to Mrs. J from West Sussex, with bond number 673SF314937. I bet she owns a nice cat and a sensible car.

Here’s the wild part: forty-four people won £100,000. That’s a lot of people suddenly reconsidering their avocado toast budget. And 1,084,553 people won £25, which is basically enough for a nice meal out if you skip the starter. The government paid out £354 million in April prizes, which is more than the GDP of some small tropical islands.

Why the drop? (A financial soap opera)

NS&I cut the prize fund rate because Bank of England base rates have been sliding—down from 5.25% to 4.5% since last year. Think of it as the financial version of your favorite TV show getting canceled after a cliffhanger. The prize rate is now 3.8%, which means fewer high-value prizes and more of those disappointing £25 wins that feel like a participation trophy.

But wait—here’s a shocking twist: over 24 million people still hold Premium Bonds. That’s more than the entire population of Australia! And yet, the average return is about 3.8% before tax, which is actually worse than a simple savings account paying 4.5% interest. So why do we do it? Because the dream of a million quid is a powerful drug, my friends.

Surprising facts that might make you laugh (or cry)

Did you know that the very first Premium Bond winner in 1957 was a woman named Mrs. J. E. Evans? She won £1,000, which back then could buy you a house in London. Today, £1,000 buys you a nice kettle and a pair of shoes. Also, the smallest prize is still £25, which has been the same since 1984. That £25 today has the buying power of roughly a tenner back then. Inflation is a thief with a grin.

Here’s another one: one in three Premium Bond prizes go unclaimed every month. That’s millions of pounds just sitting there, waiting for people to check their numbers. I picture a giant warehouse full of unclaimed £25 prizes, guarded by a bored civil servant who smells faintly of tea. Check your account, people! Your forgotten £25 could be funding someone else’s spa day.

Should you bail or hold your nose?

If you’re a high-rate taxpayer, Premium Bonds still have a weird appeal: all prizes are tax-free. For a 45% taxpayer, a 3.8% tax-free return is equivalent to a 6.9% gross rate, which is actually decent. But if you’re a basic-rate taxpayer, a regular easy-access account at 4.5% will likely beat you. Unless you’re lucky, and luck is a fickle beast.

NS&I also announced a new “Green Savings Bond” this month, paying 3.85% for three years. It’s for eco-warriors with a penchant for term deposits. But let’s be real: most people will stick with Premium Bonds because they like the occasional thrill of checking the app and seeing “You’ve won £25!”—which, let’s face it, is the financial equivalent of a dopamine hit from a scratch card.

The bottom line (and a joke)

The April winners are out, the rate has dropped, and your personal odds are still terrible. But here’s the thing: somebody always wins the million, and it could be you. That’s the same logic that makes people buy lottery tickets while muttering, “I’ve got a good feeling about this one.” Me? I’ll keep my £100 in bonds, just for the monthly hope-fix. It’s cheaper than therapy.

Final advice: check your prizes today. If you won nothing, don’t worry—you’re in good company with about 23 million other people. And if you won the million? Please, treat yourself to a giant novelty check and a decent cup of coffee. You’ve earned it.