Premium Bond Draw

Premium Bonds were first introduced in the UK in 1856 by then Prime Minister Harold Macmillan as part of the annual budget. Premium Bonds were released as a method of reducing inflation while attracting those that were more interested in winning potentially large prizes rather than earning regular interest. The scheme took off with massive popularity, selling £5m worth of Bonds within the first day of going on sale.

ERNIE

Premium Bonds have undergone a number of changes, including an increase in the number of tickets held and the size of the prizes and prize pool on offer. The Electronic Random Number Indicator, known as ERNIE, which is used to randomly select the winning number for the draw has also undergone a number of changes mainly to accommodate the increased length of ticket number and ERNIE-4 is the current machine in use.

ERNIE-4 has undergone rigorous testing to ensure that the number generated is completely random and that every single ticket, no matter how old or new has an equal chance of being drawn.

The Premium Bond Prizes

The top prize associated with the Premium Bond draw has also risen during this time. The first ever top prize was £1,000 while the current setup means that there is a single £1m jackpot prize as well as 1 million other smaller prizes on offer to registered players.