Nowadays there are a range of ways to buy Premium Bonds. Whichever way they are purchased though, each investment must be at least £25.
The odds of winning currently stand at 34,500 to one.
So, how can one buy Premium Bonds?
NS&I explains one way to do this is by buying them online via the NS&I website.
"You can buy Premium Bonds online using our secure online system," the government-backed savings provider said.
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"Please have your debit card details at the ready."
It's also possible to buy them from NS&I via telephone.
Again, customers are asked to have their debit card details to hand for this.
There is one caveat - if a person is buying Bonds for someone else's child, they can't be bought by phone.
Another option is to buy them via post.
To do so, the relevant application form must be filled out and sent to NS&I.
This must be along with a cheque that is payable to NS&I.
Another option for those who already have Premium Bonds is to make a bank transfer or standing order.
"If you or a child you’re buying for already have some Premium Bonds, you can buy via bank transfer (including standing order)," NS&I explains.
There is a guide available on this option, and it is important to read this first.
It is possible for any adult to buy Premium Bonds for children who are under the age of 16.
However until the child's 16th birthday, the parent or guardian named on the application looks after the Bonds, and this is regardless of who bought them.
Parents or legal guardians can buy Bonds for their child online, by phone or by post.
When buying for someone else's child, the options are limited to applying online or by post.
Those in this situation must make sure the parent or guardian is happy to look after the investment for their child, and agrees to their details being given to NS&I.
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