Premium bonds: Expert explains the ‘Ernie’ machine
The odds of winning changed several months ago, on November 24 last year, coming into force for the December 2020
Premium Bonds prize draw. This was due to a cut to the annual prize fund rate.
This did stand at 1.4 percent, reducing to one percent.
It meant the odds of winning in the Premium Bonds prize draw dropped.
Formerly, this was 24,500 to one for every £1 Bond, and it is now 34,500 to one per £1 Bond number.
NS&I has explained why newer Premium Bonds ‘seem luckier’
The higher value the prize, the fewer the number of payouts up for grabs.
Ahead of the upcoming Premium Bonds prize draw, many may well be wondering whether they will win a prize.
NS&I has published the odds on its website, so Premium Bonds holders are aware of their chances.
The Government-backed savings provider has also published some other facts relating to the odds.