Two lucky premium bond holders from Derbyshire and Suffolk have each won £1 million in May’s NS&I prize draw—despite not holding the maximum £50,000.

National Savings and Investments (NS&I) kicked off May by revealing this month’s biggest winners in the UK’s popular savings draw. One millionaire hails from Derbyshire with £25,361 invested in bonds purchased in July 2021. Their winning bond number was 462DR240519.

Meanwhile, Suffolk’s latest millionaire scooped the same seven-figure prize with £35,000 worth of Premium Bonds. Their winning ticket, 300ZZ346515, dates back to April 2017.

Each month, NS&I selects two lucky savers at random to receive the coveted £1 million jackpot—regardless of how much they’ve invested. Bondholders can own anywhere between £25 and £50,000, but every £1 has an equal chance of winning.

Alongside the millionaire makers, the draw awarded thousands of smaller prizes. While the top tier includes multiple £100,000 and £50,000 prizes, amounts can range all the way down to £25. In March alone, 79 savers took home £100,000, with winners spanning Staffordshire, Wales, West Midlands, and beyond.

One standout this month is a saver from Kirklees in West Yorkshire, who transformed just £300 into a £50,000 windfall. Their win serves as a reminder that even modest investments can yield substantial rewards—though statistically, the more you hold, the better your odds.

NS&I updates the full list of Premium Bond winners at the start of each month. Bondholders eager to check their results can use the online prize checker tool available on the NS&I website.

But while the excitement continues for winners, there’s a sting in the tail for other savers. Back in February, NS&I slashed the Premium Bond prize fund rate from 4% to 3.8%, effective from April’s draw. That means the total value of available prizes has fallen, potentially reducing overall winnings for many.

The prize rate drop has already raised concerns among financial experts and savers alike, particularly those who haven’t won in months or years. NS&I insists the bonds remain a “safe and fun” way to save, but the odds of scooping even the smallest prize now hover at 24,000 to 1 for each £1 bond.

Those looking to maximise their chances are advised to hold higher values of bonds—though even that offers no guarantees.

Despite the reduced rate, Premium Bonds continue to be a popular option for millions of Brits seeking a safe home for their savings with a hint of lottery-like luck.