Premium Bonds, a government-backed savings scheme from National Savings and Investment (NS&I), offers savers a chance to win cash prizes ranging from £25 to £1 million monthly, with two millionaires created per draw. With 24 million participants and over £127 billion invested, each £1 bond has a 22,000-to-one chance of winning. The minimum investment is £25, and the maximum is £50,000. Unlike traditional savings accounts, Premium Bonds do not accrue interest but are entered into a prize draw managed by the Electronic Random Number Indicator Equipment (Ernie). The March draw took place on Tuesday, March 3, with results available the following day on the NS&I website or via their app. While the scheme is risk-free, the actual chance of winning is low, though money invested is not lost.