Money Saving Expert founder Martin Lewis explains the odds of win in the UK's NS&I Premium Bonds draw - and when it's better to save elsewhere.
In Martin we trust Are you one of the more than 24 million UK residents with NS&I Premium Bonds? If so, you’ll want to take notice of Martin Lewis ’s latest announcement. The Money Saving Expert founder shared his thoughts on the chances of winning through the savings scheme, saying it only becomes a ‘decent bet’ if you have a certain amount. For the uninitiated, Premium Bonds are run by the government-owned National Savings and Investments .
However, Martin’s viewpoint does have some truth in it. In December’s Premium Bond draw, £62 million was handed out in total across 20,791 high-value prizes, but the two lucky Brits who became millionaires held £50,000 and £33,275 each in bonds. The odds are much better if you have more invested The chance of each bond winning anything sits at 22,000 to 1, and the likelihood you’ll take home one of the two top monthly prizes of £1 million is around 1 in 60 billion per bond.
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