NS&I has issued a warning about checking your Premium Bonds prizes (Image: Getty)
NS&I has clarified how Premium Bonds prizes work after a saver voiced their frustration with the savings scheme.
The unhappy customer said over X: “What people say about NS&I is true. They let you win first few months then nothing. Giving it one more month and then taking all my money back out.”
They went on to say they knew other people who had the same experience with their wins.
Responding to their concern, NS&I said: “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.”
Each £1 Bond has an equal chance of being paired with a prize with winning Bonds chosen at random in each prize draw.
Holding more Bonds increases your chances of winning a prize – one of the £1million jackpot winners in the October draw held the maximum £50,000 as did many of the £100,000 winners.
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But even those with low holdings can win a big prize. One person from Norwich who previously had just £5 in Bonds which they purchased over 40 years ago, won £10,000 in the latest draw.
Another loyal saver with NS&I who has held just £25 in Bonds since May 1984 finally took home a prize this month, winning £5,000.
The prize fund rate is currently 4.4 percent with the odds of a Bond winning a prize at 21,000 to one.
Customers can check if they have any prizes to collect using the on the NS&I website, as well as via the app or using an Alexa-enabled device.
One benefit of as a savings scheme is they can be cashed in at any time, with some people keeping their Bonds as an emergency fund.
Each time you buy more Bonds, you have to purchase at least £25 worth. People often arrange their account so any winnings are reinvested in buying more Bonds.