A Premium Bonds customer recently voiced their frustration on social media, claiming they had not won a single penny in 40 years.
This prompted a response from the National Savings and Investments (NS&I), the institution behind Premium Bonds, to clarify the nature of prize distributions.
The disgruntled customer took to Twitter to share their disappointment, as the customer tweeted: “Didn’t know I had a tiny NS&I premium bond investment, because in 40 years I’ve never ever ever won a prize.”
In response, NS&I addressed the concerns directly, explaining the unpredictable nature of prize wins.
NS&I tweeted: “There is no predictable pattern to the frequency or value of prize wins. It is possible to experience months without winning a prize, as well as months with multiple wins.
NS&I said that every £1 bond has an equal chance of winning in each monthly prize draw. The odds of winning currently stand at 21,000 to 1 for every £1 bond.
This means that the probability of each bond winning remains consistent, regardless of the total number of bonds a person holds.
“Currently, the odds of winning are 21,000 to 1 for every £1 Bond. This ratio remains the same whether you hold £1 or a larger sum,” the tweet concluded.
Premium Bonds, a popular investment option in the UK, offer the chance to win tax-free cash prizes instead of earning interest.
Each bond is entered into a monthly prize draw, with winnings ranging from £25 to the jackpot of £1 million.
The prize fund is generated from the interest earned on the total invested in Premium Bonds.
Despite the odds, millions of bondholders enjoy the excitement of potentially winning a cash prize each month.
However, as highlighted by NS&I, the element of chance means that some may experience long periods without a win, while others might see frequent success.