A Premium Bonds holder won £50,000 in this month’s prize draw despite previously having just £10 in Bonds, which they purchased in March 1972.
The lucky long-time Bond holder is from Ealing and their winning Bond was number 8KB356761.
Each £1 Bond has an equal chance of winning in the monthly prize draw, which includes two £1million jackpot prizes.
The scheme launched in 1956 and any Bond as far back as when the savings option began could win a cash prize each month.
There were several winners in the June draw who bagged big prizes for Bonds they purchased many years ago.
READ MORE: NS&I releases June 2023 Premium Bonds prize draw results – have you won £1million?
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One person from Leeds won £100,000 for a winning Bond worth just £200, which they purchased almost 30 years ago, in July 1994.
Another winner invested £20,000 in Bonds in May 1985, which this month won them a £50,000 prize.
A person can check if they have any unclaimed prizes for the most recent prize draw or further back, using the prize checker tool on the NS&I website.
A Bond holder can also check for prizes using the app or with an Alexa-enabled device.
Rachel Springall, finance expert at moneyfactscompare.co.uk, told Express.co.uk: “Savers would be wise to use the NS&I prize checker tool regularly, it’s simple to use and is a quick way to check for any winnings.
“Consumers could then use their cash to build a nest egg for the future, but they should compare savings accounts carefully to find the right deal to suit their needs.”
People with Premium Bonds are entered into the monthly prize draw rather than getting an interest rate as with a conventional savings account.
The odds of winning for each £1 Bond is 24,000 to one and the more Bonds a person has, the better chance they have of winning each month.
A person can buy as little as £25 in Bonds and can hold up to £50,000 in Bonds. A person can choose to invest their winnings in more Bonds to improve their chance of winning again.
Ms Springall said Premium Bonds are a “great alternative” to a conventional savings account.
She said: “The consecutive Bank of England base rate rises, coupled with competition among challenger banks, have led to variable interest rates hitting their highest levels in over a decade.
“There is positive momentum in the savings market right now, but at the same time, growing speculation on whether interest rates will come down in the months to come.
“Savers who already have their nest eggs in place may then be considering alternative accounts to save their cash but wish to protect their money from potential risk.
“Interest rates on easy access accounts fell to an all-time low in 2021 so those savers who were impacted may not feel confident that the market will remain so buoyant over the short-term.
“The ups and downs surrounding interest rates over recent years may well have hit consumer confidence in where to place their cash, but Premium Bonds remain a great alternative to the more traditional savings account.”
She said Premium Bonds are a popular gift for children and relatives and friends can buy Bonds for children they know.
Ms Springall said: “They may not be guaranteed returns, but for many, Premium Bonds can be a great way to give children the chance to win tax-free prizes and to help them learn about money and savings at the same time.”
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