The bond was purchased fewer than two years ago in May 2023 and is the second-smallest holding to scoop the £1m jackpot.
The number of the bond was 540HZ735699.
Also bagging £1m is an account holder in Cumbria with the bond number 408VD714629, which was purchased in August 2020.
The amount in the holding was £35,000, and the lucky account holder became the 11th Premium Bonds jackpot winner from the area.
March’s draw is the first since NS&I announced the prize fund rate would be slashed from 4% to 3.8%. The rate for the Direct Saver will be 3.3%, and Income Bonds will be priced at 3.3% – a reduction from 3.49%.
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Andrew Westhead, NS&I’s retail director, said: “Spring is definitely in the air for our two jackpot winners from Cleveland and Cumbria this month. The Cleveland winner’s story is particularly exciting, with just £100 invested in Premium Bonds in 2023. It just shows that every £1 bond has an equal chance of winning the £1m jackpot.
“This is the second-smallest holding ever to win the £1m jackpot. The smallest holding ever to win was £17 back in July 2004, with the winning bond purchased in 1959.”
Westhead added: “It’s not just about the £1m jackpots, though. Thanks to ERNIE, we’ve drawn 5.9 million prizes worth over £430m this month.”
How to save with Premium Bonds
For those looking to build a savings habit in 2025, Premium Bonds offer an accessible way to begin. With a minimum investment of £25, savers have the chance to win tax-free prizes each month. Each £1 bond is entered into the monthly draw, and prizes range from £25 to £1m.
Unlike traditional savings accounts, Premium Bonds combine the security of savings backed by HM Treasury with the excitement of potentially winning tax-free prizes.
A total of 5,902,600 prizes worth £432,857,175 will be paid out in the March 2025 prize draw. There were 129,857,148,700 bond numbers eligible for the draw.
Bond holders can check if they’ve won a prize in the February draw from tomorrow (4 March) by visiting the NS&I website, using the prize checker app, or asking Alexa.
To check for prizes using the NS&I website, bond holders will need their Premium Bonds holder’s number. For the app, either a Premium Bonds holder’s number or an NS&I number will work. People can also check for unclaimed prizes.
Premium Bonds prize winners receive notifications of their winnings if they have registered their contact details. However, there are instances where customers relocate or forget to update their contact details with NS&I.
This can lead to unclaimed prizes, especially for those who opt to receive their prizes via cheque rather than bank transfer. People with original paper bonds can register them online or by calling the helpline on 08085 007 007.
Currently, there are 2,530,260 unclaimed Premium Bonds prizes worth £95,312,325 waiting to be claimed.
