Premium Bonds saver furious as he questions NS&I over odds of winning

NS&I has addressed concerns about Premium Bonds prizes after a disgruntled saver expressed their dissatisfaction with the scheme. The frustrated customer took to X, stating: "What people say about NS&I Premium Bonds is true. They let you win first few months then nothing. Giving it one more month and the taking all my money back out."

They also claimed to know others who had experienced a similar pattern with their Premium Bonds wins. In response, NS&I clarified: "It is an essential feature of the Premium Bond scheme that winning is solely a matter of luck, and there can be no guarantee of any level of return whatever the value of the holding.

"The random nature of the prize draw means that 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. May I take this opportunity to wish you luck in future prize draws."

Every £1 Bond has an equal chance of being paired with a prize, with winning Bonds selected randomly in each draw. While holding more Bonds increases the chances of winning, even those with smaller holdings can secure a significant prize.

One person from Norwich, who previously had just £5 in Bonds purchased over 40 years ago, recently won £10,000 in the latest draw. However, one of the £1million jackpot winners in the October draw held the maximum £50,000, as did several £100,000 winners.

One loyal saver with NS&I, who has held just £25 in Bonds since May 1984, finally reaped a reward this month, bagging a £5,000 prize. The current prize fund rate stands at 4.4 percent, with the odds of a Bond securing a prize being 21,000 to one.

Customers can verify if they have any unclaimed prizes using the prize checker tool available on the NS&I website, or through the app or an Alexa-enabled device. One advantage of Premium Bonds as a savings scheme is they can be cashed in at any moment, leading some people to keep their Bonds as an emergency fund.

Each time you invest in more Bonds, a minimum purchase of £25 is required. It's common for people to arrange their account so that any winnings are reinvested into buying additional Bonds.