November 2nd 2024.
Have you ever wondered if you could be one of the lucky ones? With more than 22 million people in the UK holding Premium Bonds, it's no surprise that this form of savings has gained popularity. Instead of earning interest on their investment, bondholders have the chance to win tax-free prizes every month. The UK government's National Savings and Investments carries out a monthly draw, where the unique number allocated to each £1 bond is entered into the Electronic Random Number Indicator Equipment system. From there, the system randomly selects numbers and awards prizes ranging from £25 to a whopping £1 million to lucky account holders.
But as with any game of chance, some people seem to have more luck than others. A recent study by OLBG, based on data from previous winners and the Office for National Statistics, revealed that residents in the southern part of England have the highest odds of winning. The top three counties with the most winners and prizes were Essex, Kent, and Hampshire and Isle of Wight. Essex had the highest chance of winning at 3.84%, with over 11,000 winners last year who collectively took home £33.6 million in prizes. Kent and Hampshire and Isle of Wight followed closely at 3.49% and 3.40%, respectively.
The study also found that the South East region had the most successful track record, with the only outlier being Devon in the top 10. The most northerly county on the list was Lincolnshire at 20th place, with no representation from Scotland, Wales, or Northern Ireland. The top 20 premiums bonds hotspots and their chances of winning are listed below.
This news comes after NS&I announced a decrease in the average win rates for their December draw, from 4.4% to 4.15%. This also means that the odds of winning the two monthly £1 million jackpots have also been reduced. However, the chances of winning do increase with the number of bonds held, with the odds now sitting at 22,000 to 1 after the change.
To improve your odds of winning, it may seem logical to purchase more bonds. But there have been instances where people with holdings as low as £50 have won big prizes. In fact, out of the 20 £100,000 prizes and 26 £50,000 prizes won in 2020, many were won by people with holdings of £500 or less. And in the December 2023 draw, a lucky winner from Norwich took home a £50,000 prize with a holding of just £5.
According to Anna Bowes, co-founder of Savings Champion website, the fact that some people have won with a small investment is enough to keep many bondholders interested. Even with the risk of earning no interest on a £500 investment, there are still those willing to take a chance for the potential of winning big or even just winning something at all.
Do you have a story to share about your own Premium Bonds experience? We would love to hear from you! Get in touch by emailing us at [email address].
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