Premium Bond holders have a greater chance of hitting the jackpot

An extra 10,000 prizes will also be introduced, giving a total monthly prize fund of �72.4m, National Savings & Investment (NS&I) said.

NS&I said it had introduced the second �1m prize following the surge in the amount of money that has been invested in Premium Bonds in recent years.

The first �1m jackpot was introduced in April 1994.

Pot luck

Customers have invested more money in Premium Bonds over the past six years than in the previous 42 years put together, NS&I said.

The bonds have become more attractive for investors following stock market volatility in recent years.

Investment has also jumped since the upper limit on the amount of bonds someone could hold rose from �20,000 to �30,000 in May 2003.

The extra prizes being introduced mean that somebody with average luck will get a 3.25% return on their money, up from 3.2% previously.