Published On: Fri, Apr 12th, 2024

Premium Bonds customer ‘hasn’t won a penny’ in 60 years | Personal Finance | Finance

A who has loyally held her Bonds for over 60 years spoke of her disappointment at winning zero prizes.

The woman took to X to share her frustration after she went through a prolonged process just to change some of her details.

She said: “Hilarious scenes as I try to update online details for £7 in UK Premium Bonds my mum bought for me 60 years ago. Took three phone calls from Belgium to @nsandihelp (who kept getting my phone number wrong).

“Totalling 32 minutes, which am pretty sure will have cost me more than £7.”

Another user replied offering an optimistic view, saying: “Worth it if they get you the jackpot though.” Each Premium Bonds prize draw includes two jackpot prizes for £1million.

But the longtime saver said they have yet to become a millionaire through the savings scheme, explaining that “in all that time I have never won a single penny”.

The other person them appealed to the emotional benefits of the Bonds scheme, saying “Where can you buy hope for £7?”.

The saver responded: “True! Though I suspect I’m more likely to win the lottery, or write a bestselling novel.”

The Bonds customer may not fancy their chances of becoming the next , but they could increase their chances of winning by upping their investment.

NS&I said in response to their concerns: “Every number has a separate and equal chance each month of winning a prize, however the more Bonds you buy, the better your chances of winning.

“The odds of winning a prize with a £1 Bond are 24,000 to 1.”

A person can hold up to £50,000 in Premium Bonds, and the more you hold the greater your chance of winning a prize in the monthly draw.

The was cut in the March draw, dropping from 4.65 percent to 4.4 percent. Andrew Westhead, NS&I retail director, said: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector.

“In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.”

Calculations by MoneySavingExpert suggest you would need to hold £10,000 in Premium Bonds to win £375 a year on average, while a person with £100 or even £1,000 will win nothing on average.

The savings scheme does have the advantages that a person can cash in their Bonds at any time and all the savings are Government-backed.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.

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