Could you be a Premium Bond winner next month? (Picture: Getty Images)

The cost of living crisis is continuing to impact everything from household bills to the cost of food – with many items doubling in price in the past year and millions struggling to make ends meet in the wake of higher prices.

Which means all of us are looking at ways we could make more money – be it a side hustle, a pay rise or even becoming incredibly lucky and winning some cash.

And one such way could be with premium bonds – the initiative set up by National Savings and Investments (NS&I) which sees a monthly prize draw for those who invest money with them, starting from £25.

At the other end of the scale you could walk away with £1m – although only two lucky Premium Bond holders win that sum each month, making it far more likely you’ll nab a smaller amount.

With NS&I putting up the interest rates on its bonds – the rate standing at 4.65% in September – it’s a great time to invest and give yourself a chance of bagging a prize.

But when is the next draw and how can you check if you’ve won anything?

When is October’s Premium Bond draw?

The Premium Bond draw for next month will take place on Monday October 2.

Historically the draw always takes place on the first of the month, but it moves to the next working day if the 1st falls on a weekend or a bank holiday.

You can use the app or the website to check whether you’re a winner (Picture: PA)

The rest of the 2023 draw dates are:

Wednesday, November 1

Friday, December 1

How to check the Premium Bond prize winners

If you hold Premium Bonds and want to check if you’ve won a prize in the latest monthly draw, you can use the NS&I online prize checker.

However, you’ll need to hold an account to log in, as you must provide your unique holder’s number.

How do Premium Bonds work?

Premium Bonds are a savings product from National Savings and Investments (NS&I). But, instead of earning interest on your money like usual savings accounts, you are entered into a monthly prize draw.

If your bond is chosen, you could be in line to win anything from £25 through to £1 million.

To enter into the next monthly prize draw, you must have held onto any bonds for a full calendar month.

So, for example, if you buy £100 worth of bonds in mid-September, your next eligible prize draw won’t be until November.

MORE : Premium Bonds odds of winning at best level in 15 years – are you playing?

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Could you be the next lucky millionaire?