'Not a bean!' Premium Bonds saver despairs as they win nothing in 2 years - NS&I responds
The customer asked provider NS&I if there was "any point" investing in the Bonds after her spate of bad luck.
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A Premium Bonds saver who has won nothing over the past two years reached out to provider NS&I to query the savings scheme.
An X user named Tracy (@Tracy65576265) contacted the group, saying: "Not really expecting you to have some kind of spectacular answer but just checked my prize history for a giggle and nothing, nada, nil, not a bean since October 2021...Is there actually any point putting money in here??"
The provider sent the customer a multi-tweet response to explain the rules, clarifying the monthly prize draw is "strictly luck based" so there is "never a guarantee" of winning a prize.
NS&I explained: "Currently, the odds of winning are 24,000 to 1 for every £1 Bond. This is the same for a holder of £1 as it is for another with a maximum of £50,000.
"The only difference between them is that the holder of £50,000 has more 'entries' into the monthly draw."
The group went on to explain that a person with just £1 in Premium Bonds would, based on the chances of winning, have to enter 24,000 prize draws before they won anything, which would take 2,000 years.
Meanwhile, a person with the maximum £50,000 invested in the Bonds on probability would win 2.083 prizes each draw. As the minimum prize is for £25, this means a person with £50,000 in Bonds would win on average at least £50 each draw.
But even those with the top amount invested may go months or years without taking home a prize. The provider explained: "This is not a guaranteed return, and may for example, occur as six prizes in one month and then none for an extended period.
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"There is also the possibility that a holder of £50,000 does not win at all as it is entirely luck based."
Many savers chose to reinvest their winnings to increase their chances of winning again.
Each monthly prize draw includes two jackpot prizes for £1million and other top cash prizes for £100,000 and £50,000.
There was confusion last week after many Premium Bonds customers received notifications to tell them they had won prizes in the October draw, almost three weeks after it had taken place.
NS&I said in response to one customer who had received a message: "We’re sorry due to a technical issue there was a delay in sending out the email notification. Your prize payout was not affected."
A person can check if they have any unclaimed prizes using the prize checker tool on the NS&I website, with an Alexa-enabled device or via the app.
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