| Good afternoon. Welcome to today's chat with Agent Million. |
| Angie b wants to know: |
What is Ernie - my Nan seems to think it's a household name but I've never heard of it. |
| Agent Million said: |
ERNIE stands for Electronic Random Number Indicator Equipment and is the machine housed in Blackpool that produces the winning Premium Bond numbers each month. The first draw was in June 1957. That's when ERNIE 1 produced the first set of random numbers for the Premium Bond prize draw. |
| chas57 wants to know: |
How does Ernie work? |
| Agent Million said: |
Each month, ERNIE is set to work and he produces millions of numbers that will win prizes if they match eligible Bonds held by investors. The first eligible Bond number generated by ERNIE will win the £1 million jackpot. From August, the first two numbers drawn would win £1 million each. Over a million other prizes from £100,000 down to £50 are also awarded. |
| Trace wants to know: |
I don't really understand what premium bonds are and how to get them. Are they considered a good way of saving or investing money? |
| Agent Million said: |
Premium Bonds are a form of saving money but, instead of interest payments, you stand to win tax-free prizes. When you invest in Premium Bonds, you are allocated a series of numbers, one for each £1 invested. These Bonds are then entered into the monthly prize draw to win one of the one million plus prizes given away each month including two £1 million prizes. July's prize draw was the biggest ever, with ERNIE giving away over one million prizes worth over £70 million. The minimum investment in Premium Bonds is £100, the maximum £30,000. Premium Bonds can be bought on-line at www.nsandi.com, by telephone (0500 007 007), by post, at the Post Office and by standing order for existing customers. Existing customers can buy Premium Bonds by standing order with a minimum investment of £50. |
| Ronald M Wilson wants to know: |
I have held a £5 premium bond whose serial no is 7FL568965 since 1977, how can I find out if this bond has ever won a prize? |
| Agent Million said: |
If you know your holder's number then you can log on to www.nsandi.com and use the Premium Bond prize checker. If you don't know your holder's number you can call 0845 964 5000. Alternatively, you can download a tracing service form from our website, complete all the details, post it to us and we'll get back to you within a month to let you know if your bond has won a prize. |
| Sandra Jeffray wants to know: |
So if you invest the minimum of £100 you will get a series of one hundresd single numbers or a series of numbers for the value of £1? |
| Agent Million said: |
Each one pound is allocated a separate Premium Bond number. |
| LittleG wants to know: |
Who is Agent Million and why is their identity kept a secret? |
| Agent Million said: |
Agent Million is the person who visits the monthly jackpot winner to deliver the news of their £1 million win. Agent Million's identity needs to be kept a secret for two reasons: firstly, all of the 136 Premium Bond millionaires have wished to remain anonymous. Therefore it is important Agent Million is not spotted/recognised when she knocks on the winner's door. The second reason is for Agent Million's own protection. From 1 August 2005, National Savings and Investments, which runs Premium Bonds, will give away two £1 million tax-free jackpots in the monthly draw which means there will be two Agent Millions - M1 and M2 - to deliver the good news. |
| suzie2 wants to know: |
Do see being Agent Million as your dream job? |
| Agent Million said: |
I think it is probably one of the best jobs anyone could have. To see the reaction on people's faces when you tell them the good news is the best thing about the job and to know you have made a difference to their lives. I feel very privileged to be doing this job. Also, being the only person in the UK to do a certain job is quite a claim to fame - only a few people in the country can make that claim such as the queen or the prime minister! Obviously my colleagues, husband and mother know what I do. However, if my identity was revealed I would have to give up this aspect of my job. I oversee the monthly Premium Bond prize draw, manage the authorisation and payment of the jackpot and high value prizes and chair the financial advisory meeting for the jackpot winner. |
| DavidPark wants to know: |
Do you ever just want to abscond with the cheque? And are you allowed to win the jack pot? |
| Agent Million said: |
Hmmmm, honestly no! But yes, I am allowed to win a million. The system is so watertight that it cannot be tampered with. The draw is guaranteed to be totally random. I'm still waiting for ERNIE to pick my numbers!! |
| Helena Troy wants to know: |
How often does a million pound jackpot come up? |
| Agent Million said: |
We give away one £1 million prize every month. From August we will be introducing an additional £1 million prize and therefore NS&I will create two Premium Bond millionaires a month. |
| Mike wants to know: |
Don't you need lots of money to stand a chance of winning? |
| Agent Million said: |
AM said: Every £1 Bond is entered into the monthly draw and has a chance of winning the one million plus prizes we give away each month. The more Bonds you own, the higher your chances. In July 2004 a woman with a total holding of £17 won the £1 million jackpot. So it just goes to prove that anyone can win. |
| Daveg wants to know: |
What are the odds of winning? |
| Agent Million said: |
AM said: The odds of each £1 bond winning a prize are fixed - currently at 24,000-1. With average luck, a Premium Bond holder with £30,000 invested should win 15 prizes per year, 10 prizes for a £20,000 investment and 5 prizes for £10,000. |
| Crystal Castley wants to know: |
I have a three week old baby and would like to begin putting money aside for him, and i would like to know if Premium bonds are a good investment... |
| Agent Million said: |
AM said: Premium Bonds are extremely popular with people looking to save money. Currently, around 23 million people own £27 billion of Premium Bonds. The appeal of Premium Bonds is that they are a fun, yet serious way of saving and you never lose your original stake. Bonds can be bought for a child under sixteen by the child's parent, guardian, grandparent or great grandparent. |
| Lizzie wants to know: |
I seem to remember premium bonds being something that people buy for children as an investment. Is this still a good thing to do? |
| Agent Million said: |
Yes, there are lots of parents who buy Premium Bonds on behalf of their children. The money remains 100% safe as well as the chance of winning any of the one million plus prizes every month. |
| Alf wants to know: |
What denomination of Premium Bonds can you buy? |
| Agent Million said: |
The minimum for each purchase is £100 or £50 when you buy monthly by standing order. |
| les wants to know: |
Hi, I own £200 worth of bonds so what are my odds of winning the million pound jackpot? |
| Agent Million said: |
The odds of winning any prize with a £200 holding is 1 in 120. |
| al27 wants to know: |
How do you know if you've won? |
| Agent Million said: |
Good question! For higher value prizes we write to customers and ask them to complete a claim form and send in their Premium Bond certificates. For all other prizes we send a cheque in the post. And of course if you hit the jackpot then I visit you in person. |
| Richie wants to know: |
Are there lots of unclaimed Premium Bonds and how can I find out if I might have won? |
| Agent Million said: |
There are currently 400,000 unclaimed Premium Bond prizes valued at around £23 million. If you think you may have won a prize, you can log on to our website www.nsandi.com and use the Premium Bond prize checker, complete a tracing form which can be found on our website or you can call 0845 964 5000. |
| Ade wants to know: |
Why are there still so many unclaimed Premium Bonds? |
| Agent Million said: |
One of the main reasons is when people move home they forget to inform us of their new address details. If we don't know where you live, we can't inform you. The other reason is many people were given Bonds when they were children and have simply forgotten they own Premium Bonds. Ask your parent/grandparents if they bought Bonds for you. There is no time limit on claiming Premium Bond prizes. So even if you won twenty years ago, you can still come forward and reclaim your prize. |
| Emma wants to know: |
I have just purchased £100 worth of Premium Bonds last month and waiting for my Bond certificate in the post. Would I be included in the August jackpot? |
| Agent Million said: |
To be eligible for the August jackpot, you would have had to have bought your Bonds by the end of June. You have to hold Bonds for at least a full calendar month following the month you bought them. |
| peterG wants to know: |
What is the most extreme reaction you have ever seen from a jack pot winner? |
| Agent Million said: |
One winner became so emotional and in shock, I had to ring her daughter to come round and calm her down. On another occasion, the winner burst into tears and her partner became really angry because he thought I had upset her, when of course, she was crying because of the money she had won. |
| Ewen wants to know: |
How do you feel about a second agent million coming on board? |
| Agent Million said: |
I am delighted. I was wondering how I was going to get around visiting two jackpot winners - particularly if they lived at other ends of the country! It's also nice to be able to share stories of winners' reactions. |
| Our final question today comes from Vinnie who wants to know: |
Where can you get them from? |
| Agent Million said: |
Premium Bonds can be bought on-line at www.nsandi.com, by telephone (0500 007 007), by post, at the Post Office and by standing order for existing customers. Existing customers can buy Premium Bonds by standing order with a minimum investment of £50. |
| Agent Million said: |
It has been a pleasure answering your questions. If you do have Premium Bonds, you never know, I could be knocking at your door soon....! |