Get A Chance To Win Big With Bonus Casino’s Top Games! – Why you’re ten times more likely to win £100,000 in premium bonds – but less likely to win £1m: find out your chances after big payout changes

For more than 66 years since its inception, premium bonds have been Britain’s most popular form of savings. Around 22.4 million of us will take part in the monthly prize draw – that’s a third of the entire UK population.

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Last year, two big changes at National Savings and Investments (NS&I) gave investors more reasons to invest.

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The first change this year is an unprecedented increase in the number of £100,000 and £50,000 prizes.

There were only six £100,000 prizes in the May 2022 draw, with 11 paying £50,000. The last draw in April 2023 saw these prizes increase tenfold, with 62 entrants winning £100,000 and £125. £50,000.

Popular: Premium bonds are Britain’s most popular savings, with around 22.4 million of us taking part in the monthly prize draw

As always, you can invest from £25 to £50,000 and there’s no risk of losing your stake – it’s fully protected by a Treasury-backed guarantee.

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The second big change is an increase in the base rate paid to premium bond savers – widening the prize pool and increasing the chance of winning every £1 every month.

Last year the base rate – or average win per year – was 1pc. Today it is 3.3 percent.

As selected by the supercomputer Ernie 5, the odds of winning each monthly draw dropped from 34,500 to 1 to 24,000 to 1.

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It’s all a recipe for putting more money into premium bonds despite massive competition from savings rates at banks and building societies.

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At the April 2023 draw, the premium bonds had about $120.5 billion in cash, compared with $117.8 billion in April 2022 and $86.1 billion in March 2020.

That means a 40 percent jump in money into premium bonds in three years. How much luck do you need to win big in Premium Bonds?

“I never achieved anything, I just quit last week. Are you sure Ant and Dec won’t walk through the door and say it’s all a joke?’

That’s what a £1 million winner told NS&I this month after Agent Million (a news delivery officer) told him about the life-changing money.

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Since NS&I introduced its first £1 million title prize in 1994, it has created 504 premium bond millionaires. Since August 2014, two £1 million prizes have been awarded in each draw.

Today, the remaining prizes available are: £25 (2,145,328 prizes); £50 (1,409,059); £100 (1,409,059); £500 (39,744); £1,000 (12,248); £5,000 (1,246); £10,000 (622); £25,000 (249); £50,000 (125) and £100,000 (62).

To celebrate the 50th anniversary of the premium bonds being sold and the 50th anniversary of the first draw, special draws for the £1m jackpot were held, one in December 2006 and the other in June 2007.

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Prize increases: There were only six prizes of £100,000 and 11 prizes paying £50,000 in the May 2022 draw. In the last draw in April 2023, these prizes increased tenfold.

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The prospect of winning £1m was extended last year. According to NS&I data analyzed by Money Mail, the average premium bond holder currently has £5,250 invested in bonds.

A year ago, someone holding £5,000 had a 1 in 11.78 million chance of winning one of the £1 million monthly prizes.

It has increased to 1 in 12.05 million. Those who invested up to £50,000 had a 1 in 1,204,502 chance of winning £1m, down from 1 in 1,178,198 a year ago.

Over the last 12 months, the 24 top prize winners had an average stake of £34,876. Nine of those winners – or a third – invested the maximum £50,000.

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There’s even more great news for your chances of winning £50,000 or £100,000 as the number of these prizes has increased significantly.

Someone with £5,000 now has a 1 in 388 chance of winning £100,000, up from 1 in 3,927,324 a year ago.

They now have a 1 in 192,720 chance of winning £50,000, up from 1 in 2,142,180 a year ago.

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Someone with a maximum holding of £50,000 now has a 1 in 38,855 chance of winning £100,000, up from 1 in 392,733 a year ago.

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They have 19,272 chances of winning £50,000, up from 218 from 214 a year ago.

So while it may be difficult to hit the jackpot, the changes have greatly increased your chances of winning a life-changing amount.

Our analysis of this month’s draw shows that the average stake to win one of the 62 £100,000 prizes was £37,298.

Of these winners, 23 had premium bonds of £50,000, meaning 37 per cent of them invested the maximum.

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More odds: Last year, the odds of winning each monthly draw dropped from 1 in 34,500 to 1 in 24,000.

Only two winners of the £100,000 prize invested an average of £5,250: one was a bondholder from Wandsworth, south London, whose £1,000 investment achieved a return of 9,900 per cent.

Another winner was from Cleveland, Yorkshire, who invested £5,004. That equates to a return of 1,988 percent.

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According to Savings Champion’s Anna Bowes, the move to offer higher prices to bondholders adds to the buzz around the monthly draw.

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Increased return rate by getting more big prizes and reducing some smaller ones.

A year ago there were 3,324,584 gifts worth £25. NS&I made huge cuts in these small prizes, leaving 2,145,328 in the last draw.

The 3.3 percent rate of return on premium bonds is a moot point for many savers.

If you have £5,250 (premium bond average) saved in a standard savings account at a bank or building society, at a rate of 3.3 per cent it would pay £173.25 in interest per year.

S Uk Premium Bonds Magazine Advert Stock Photo

However, this does not guarantee interest. As the draw is randomly generated by NS&I’s ERNIE computer, it is entirely possible that you may never win a prize.

With £5,250, you have a 36.9 per cent chance of paying £175 back over the year and a 7.24 per cent chance of paying nothing, even at the increased offer rate.

The total cost effectively means that for every £100 paid into bonds, the average lucky holder will pay just £3.30.

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Kevin Mountford, co-founder of savings platform Raisin, says: “Participating in the premium bond draw is exciting, but savers shouldn’t put all their eggs in that basket.”

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Savers with Yorkshire Building Society’s Easy Access account can currently earn 3.6 per cent interest on the first £5,000 and 3.1 per cent, or £192.15 a year.

Savings rates are rising after a few slow years, and thrift stores can now reach more than 5 percent.

Checking higher rates is essential, but it can also make it easier to manage your savings bank in one place.

A number of savings platforms have launched over the past few years, offering savers the option to switch when better offers become available and manage accounts from different banks and building societies.

The Next Big Thing

Each of them works a little differently and contains its own exclusives. Visit our exclusive Top Rate Tables savings platform to find out more and what’s on offer.

You can also check out our comprehensive savings charts of best buys, independently compiled by savings guru Sylvia Morris and the This Is Money team.

Share or comment on this article: Premium Bonds: Your chances of winning £100,000 as a saver are now higher

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