National Savings and Investments (NS&I) has confirmed the winners of the Premium Bonds £1million jackpot prize for October 2025. Are you one of the lucky individuals taking home the top prize.
Savers are being reminded to check if they have won any cash this month by using NS&I’s prize checker on the financial institution’s website or via its app.
Unlike traditional savings accounts, Premium Bonds do not accrue interest in a normal way but NS&I customers instead being enrolled into a monthly cash lottery draw.
The top prize someone can win every month is £1million, with two lucky individuals taking home this amount, but hundreds of Premium Bonds holders take home smaller amounts of cash.
Who won October 2025’s Premium Bonds £1million jackpot?
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GETTY / NS&I
The first Premium Bond £1million jackpot winner for October 2025 came from Scotland and had the winning bond number 498FZ511907, which was purchased in April 2022.
This person’s winning bond is valued at £10,000 and they appear to have an overall holding worth £10,150, according to NS&I.
Joining this individual as a £1million jackpot winner is a person from Greater Manchester with the winning bond number 524KB804512.
Notably, this particular bond is valued at only £100 and purchased in January 2023. The winner has an overall Premium Bonds holding of £34,350.
What is Premium Bonds?
NS&I is a Government-backed institution which means means any money someone invests in Premium Bonds is lent to the state. This makes it a risk-free investment option.
As mentioned, the savings product does not gain interest like the majority of accounts with each £1 bond instead being entered into a monthly prize draw. While the most someone can win is £1milliion, savers have the opportunity to take home other bigger amounts including £100,000, £50,000 and £1,000.
Any prizes win from Premium Bonds are tax-free with the minimum someone can invest being £25 and the maximum amount standing at £50,000.
According to NS&I, each bond has an equal chance of winning a prize, however someone will have a higher chance of winning if they hold more bonds.
Tom Francis, the head of Digital Advice at Octopus Money, broke down the likelihood of the average Premium Bonds holder winning a big prize from NS&I’s lottery.
He shared: “Premium Bonds give you a chance to win big – but it’s a slim one, and you’ll likely be left waiting.
“Our research shows Premium Bond holders wait an average of 3.5 years before they win a penny, and the odds are skewed towards those with the biggest holdings: 94 per cent of jackpot winners held over £10,000.
“For the vast majority of everyday savers, they are failing to deliver returns while the money loses value to inflation.
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“Even I’ve been tempted by the thrill of a prize draw, but if you have failed to win month after month, it might be time to think about where else you could put your money to make it work harder for you.
“Cash ISAs deliver reliable returns, while for many a Stocks and Share ISA can be a great first step into investing.”
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