The current annual prize fund interest rate is 1.40 percent, however Premium Bonds do not offer guaranteed returns or regular income from savings.

Instead, Premium Bonds holders get the chance at winning a prize.

Currently, the odds of winning for each £1 Bond number stand at 24,500 to one.

The Premium Bonds draw machine - which is known as ERNIE - generates random numbers for each monthly draw.

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NS&I explains the first one that comes out that matches a Premium Bond number wins the first £1million jackpot, and so on.

Nevertheless, NS&I has shared some insight into Premium Bonds results.

Under the frequently asked questions on NS&I's online Adviser Centre, the savings-provider responds to a query about whether the winning Premium Bonds tend to be the ones bought most recently or not.

NS&I explains the draw is random, hence the results are not affected by when the bonds were bought.

"When ERNIE randomly generates winners, it doesn’t store any numbers, so there’s no way any Bonds can be left out."

While details about the upcoming prize draw remain under wraps, NS&I has released plenty of information about the August 2020 prize draw.

In August this year, the prize fund was in excess of £108million.

Meanwhile, the total number of prizes for the monthly draw was more than 3.7 million.