The distribution of prizes changes each month. Calculating the precise odds of winning is incredibly complicated, but your chances of winning the £1,000,000 jackpot in any given month with just one bond are roughly one in 60 billion, while the likelihood of you winning nothing is a virtual certainty.
Do people actually win $1 million Premium Bonds?
While two lucky winners from Warwickshire and Nottingham bagged themselves £1 million in January's draw, other account holders also won smaller cash prizes of several thousand pounds. According to the NS&I, over 1 million account holders are also estimated to have earned the smallest monthly win of £25.
Is it worth putting 50000 into Premium Bonds?
Furthermore, average winnings are around 1% or even less, which can still see your cash being beaten by inflation. The same research found that holding £50,000, the maximum amount of bonds, would give a 0.9% return with average luck. So the average return on 50k of premium bonds is £450 per year.
What are the odds for the Premium Bonds in 2023?
|Prize draw effective from
|Prize fund rate (tax-free)
|Odds per £1 Bond unit
|21,000 to 1
|22,000 to 1
|24,000 to 1
|24,000 to 1
Is it worth putting $1,000 in premium bonds?
Your chances of winning the top prize are very slim – most people will win smaller prizes or nothing at all. All the money you put into Premium Bonds is secure. There's a very small chance you could earn a very high tax-free return. You won't earn regular income on your bonds.
What are the odds of winning big on premium bonds?
The odds of winning a prize are 21,000 to one for every £1 bond. So there are technically more chances of winning with the more bonds you buy. There's also no guarantee that you'll win anything either, meaning some premium bondholders may be saving for years without gaining any winnings.