Each month, NS&I awards two £1million prizes, alongside a range of smaller sums from £100,000 down to £25.

The first winner is based in Liverpool and holds bond number 496VT504601.

The £25,000 winning bond was purchased in April 2022 and has therefore been eligible for just under four years before being selected.

The Liverpool bondholder has total Premium Bonds holdings of £50,000, which is the maximum amount an individual can invest.

The second £1million winner resides in Norfolk and holds bond number 282NN327573.

This bond was purchased in September 2016 with an initial value of £40,000.

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The Norfolk winner also holds the maximum £50,000 in Premium Bonds overall.

Both of this month’s jackpot winners therefore had the highest permitted total investment at the time their numbers were drawn.

Premium Bonds prizes are allocated through a random number generator known as ERNIE, which selects winning bond numbers from the pool of eligible entries each month.

All eligible bonds are entered into the monthly draw, provided they have been held for at least one full calendar month.

Alongside the two £1million prizes, National Savings and Investments distributes millions of smaller prizes every month, including £100,000, £50,000 and £25 awards.

Bondholders can check whether they have won by using the official prize checker tool available on the National Savings and Investments website.

Savers will need their holder’s number to access the service, which can be found on their bond record or via the National Savings and Investments app.

Alternatively, customers may use their National Savings and Investments number, which appears on official correspondence relating to their account.

Premium Bonds remain one of the most popular savings products in the UK, offering tax-free prizes instead of traditional interest payments.

The maximum holding limit for an individual is £50,000, with each £1 bond number entered separately into the monthly prize draw.

Winnings are paid tax-free and can either be reinvested into additional Premium Bonds, up to the £50,000 cap, or transferred directly into a nominated bank account.

The March results mean two more savers have joined the list of Premium Bonds millionaires, with Liverpool and Norfolk added to the locations of recent top prize winners.