Premium Bonds in 2026: When to Check If You’ve Won — and Why Savers Are Being Warned to Re-Think Them

Premium Bonds remain one of the UK’s most popular ways to save, with more than 24 million people entering the monthly draw in the hope of winning a tax-free prize. But as we head toward 2026, financial experts — including consumer champion Martin Lewis — are urging savers to look carefully at whether Premium Bonds are still the right place for their money.

And for residents here in Wokingham, the question is the same: are Premium Bonds a smart way to save — or could traditional savings accounts now be better value?

When are the Premium Bond prizes announced?

Each month, NS&I (National Savings & Investments) runs a prize draw where every £1 bond is entered for a chance to win from £25 up to £1 million tax-free. The January 2026 prize draw is expected to take place at the start of the month, with results published shortly afterwards.

You can check whether you’re a winner using:

• The NS&I Premium Bond Prize Checker on the official website

• The NS&I app

• Or by receiving notifications if you’ve registered online

You’ll just need your Premium Bond holder’s number. The checker also allows you to see if you have any unclaimed prizes from previous draws.

The odds of any single £1 bond winning a prize are currently around 21,000 to 1, though, of course, the vast majority of people win £25 — or nothing at all.

Why some experts are warning savers to be cautious

MoneySavingExpert founder Martin Lewis has warned that many people now assume Premium Bonds are the best place for savings — but that isn’t always the case.

Here’s why:

You don’t earn guaranteed interest

Unlike a savings account, Premium Bonds don’t pay interest. Instead, the return depends entirely on whether your bond number is selected in the draw. Some people may win several prizes in a year — while others win nothing at all.

The “average return” isn’t what most people experience

Premium Bonds currently have a headline prize fund rate of around 3–4%, but this figure is an average across all holders.
In reality:

• People with smaller balances may see no return at all

• Those with larger holdings tend to get returns closer to the average

Savings accounts may pay more

Many easy-access and fixed-rate savings accounts in the UK now offer interest rates that match or exceed Premium Bond returns — and those returns are guaranteed.

Tax-free prizes mainly benefit higher earners

Because most people are covered by the Personal Savings Allowance, not everyone pays tax on interest anyway — meaning Premium Bonds’ tax-free status won’t always make a difference.

Martin Lewis’ advice in simple terms is:

Premium Bonds are fine if you like the thrill of possibly winning big — but not always the best choice if your main goal is stable, predictable savings growth.

What this means for Wokingham residents

With many households in Wokingham carefully managing savings, investments and pensions, local residents may want to review whether Premium Bonds still meet their financial goals.

Local support and advice options

While My Wokingham does not provide financial advice, residents can seek guidance through:

🏦 High-street branches in and around Wokingham

• Nationwide Building Society

• Newbury Building Society

• HSBC

• Barclays Local

These banks and building societies can explain current savings account options — including fixed and easy-access accounts.

Community help

• Citizens Advice Wokingham
  Offers free and confidential advice on budgeting, financial wellbeing and managing money.

Independent financial advisers

Residents who want personalised guidance often speak to local IFAs such as:

• Bluesky Chartered Financial Planners

• Fairstone

• Clark & Poole

• Lawson Financial Management

(These firms operate locally, but residents should always do their own checks before engaging professional advice.)

So — are Premium Bonds right for you?

Premium Bonds may suit you if:
✔ You enjoy the monthly “draw” excitement
✔ You can afford the risk of winning nothing
✔ You value tax-free prizes
✔ Your money is there for the medium-to-long term

They may not suit you if:
✘ You rely on predictable income from savings
✘ You hold a small balance
✘ You want the highest guaranteed rate available

 Next steps for savers

1. Check your Premium Bonds regularly

2. Compare savings accounts and ISAs

3. Think about your financial goals

4. Seek advice if unsure

 Important Disclaimer

This article is for general information only and does not constitute financial advice.
Readers should always carry out their own research and, where appropriate, consult a qualified financial adviser before making financial decisions. My Wokingham accepts no responsibility for any decisions made based on this content.