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.
Number Of Entries
Joining one of the bronze, silver, or gold monthly subscription plans is a great way to enjoy an equal chance in sharing the jackpot or one of the million other Premium Bond prizes on offer. Depending on the subscription level you purchase, your syndicate will enjoy the following number of entries into the Premium Bond draw.
- Bronze members receive 10 entries into the monthly Premium Bond Draw
- Silver members receive 15 entries into the monthly Premium Bond Draw
- Gold members receive 40 entries into the Premium Bond monthly draw
LoveMyLotto Syndicate Options
The Premium Bond draw has taken place every single month since it started in November 1956 and is conducted on the first Monday in every month. As part of a 21 strong syndicate you will not only receive entry into the Premium Bond draw but will also enjoy access to both UK Lotto draws, the Euromillions draw and Millionaire Raffle, and the Daily Draw. Depending on the syndicate level you choose, you will receive a set number of entries into each of these lotteries, all offering a jackpot of at least £1m.
