NS&I has announced the Premium Bonds winners for May 2023 with the first £1million jackpot winner for this month coming from Nottingham.

Their winning Bond was number 350FG197341, which they purchased in January 2019 and it is worth £32,000.

The second top prize winner is from Sefton, with the winning Bond number 371JL524811. They purchased the winning Bond, worth £40,000, in October 2019.

The next top cash prize after the £1million jackpot is £100,000, with someone from Cornwall winning the large amount for a Bond they purchased only last month.

People with Premium Bonds are entered into a monthly prize draw rather than getting an interest rate on their savings.

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A person has a better chance of winning the more Bonds they have, although one £100,000 winner in this month’s draw previously only had £500 in Bonds. Their winning Bond was 68YM007355, which they purchased back in April 2005.

A person has to purchase at least £25 in Bonds when opening an account or buying more Bonds.

An individual can hold up to £50,000 in Bonds with many winners buying more Bonds with their winnings to increase their chances of winning again.

One person from Lincolnshire will be pleased to see they won £50,000 for a Bond worth just £25, which they purchased in October 2019.

Another winner from Oxfordshire who previously had just £100 in Premium Bonds won £50,000. They purchased their winning Bond in September 2008.

The prize fund rate for Premium Bonds was increased from 3.15 percent to 3.3 percent in February, although the odds of winning remain at 24,500 to one for every £1 Bond.

A person can check if they have won a prize using the prize checker tool on the NS&I website, or via the app, or with an Alexa-enabled device.

A woman recently spoke to Express.co.uk about the advantages of Premium Bonds, after she won four times in six months, including £75 in the January draw.

Daisy Pledge started investing in the Bonds as she was saving up for a house and she thought they were a good savings option.

Ms Pledge had about £15,000 in Bonds at the start of last year and has been heavily investing in the scheme over the past year, and now has some £25,000 in Bonds.

She won several times between February 2022 and January 2023, bagging £275 in total. This included four wins in six months.

She said: “If you’re in a regular savings account, to get the really high percentages, you have to not touch it for a year or longer.

“Whereas Premium Bonds, you can take it out whenever you fancy. Putting funds back in, you do have to wait that extra month for it to be live again, but I wouldn’t have just Premium Bonds.

“Now the interest rates are up, it’s worth having a savings account if you have enough money for it on the side.

“But it’s like a free lottery. I don’t know why you wouldn’t do it. I know the chances are small of winning £1million, but there is a chance, and it’s costing you nothing. It feels like a no-brainer.”

Savers should note as the winners are chosen at random there is no guarantee they will win a prize and a person could go many months or even years without winning anything.