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NS&I has responded after a man slammed Premium Bonds as a \u201cpoor investment\u201d after a friend of theirs didn\u2019t win any prizes in 27 years.<\/p>\n
Twitter user Mark Ludmon (@MarkLudmon) got in touch with the provider after a friend of his had tried to track down his Premium Bonds he purchased in the 1990s.<\/p>\n
He said: \u201cAfter several months, NS&I tracked down his account and gave him access – and, after 27 years, it is worth\u2026 \u00a3100. A pretty poor investment, @nsandihelp. In real terms, it\u2019s halved in value.\u201d<\/p>\n
The provider responded to explain Premium Bonds do not earn interest and instead they are entered into the monthly prize draw, which currently has a win rate of 24,000 to one.<\/p>\n
The group also explained how a person can increase their chances of winning by buying more Bonds up to the maximum of \u00a350,000 that a person can hold.<\/p>\n
READ MORE <\/strong> Premium Bonds winners for September announced<\/strong><\/p>\n NS&I said: \u201cThe holder of \u00a350,000 has more ‘entries’ into the monthly draw. If you were to hold only \u00a31 in Premium Bonds, using the current odds of 24,000 to 1, you would have to enter 24,000 monthly draws before it was statistically ‘probable’ to be drawn.<\/p>\n \u201cThis is roughly 2000 years. On the opposite end of the scale, using the same odds, a holder of \u00a350,000 could ‘statistically expect’ 2.083 prizes per draw.<\/p>\n \u201cThis is not a guaranteed return, and may for example, occur as six prizes in one month and then none for an extended period.<\/p>\n Don’t miss… <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n \u201cThere is also the possibility that a holder of \u00a350,000 does not win at all as it is entirely luck based.\u201d<\/p>\n The provider also said the fact savers are entered into a monthly draw rather than getting an interest rate \u201cwas explained at the time of investment and within the terms and conditions of the product\u201d.<\/p>\n Each \u00a31 Bond has an equal chance of winning in each monthly draw, with top prizes including two jackpot prizes for \u00a31million.<\/p>\n Other big cash prizes include \u00a3100,000 and \u00a350,000 with winners announced at the start of each month.<\/p>\n One winner in the September draw, from Australia, won \u00a350,000 for a winning Bond they purchased 55 years ago in January 1968.<\/p>\n Another person from West Yorkshire won \u00a3100,000 for a winning Bond that was part of just \u00a350 in Bonds they purchased back in December 2005. They previously held \u00a31,455 in Bonds.<\/p>\n For the latest personal finance news, follow us on Twitter at @ExpressMoney_.<\/b><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/Premium-Bonds-odds-of-winning-4944217.jpg?r=1693919808356\")
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Man asks what happens if a child wins Premium Bonds \u00a31m jackpot[WINNINGS] <\/strong>
NS&I explains rules for buying Premium Bonds for relatives[PREMIUM BONDS] <\/strong>
Government may have to hike taxes to pay for state pension[STATE PENSION] <\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/Premium-Bonds-odds-of-winning-4944219.jpg?r=1693919808401\")
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