You’ve Been Using Premium Bonds Wrong – ask Martin Lewis Fans

Millions of Brits use Premium Bonds as a way to save and potentially win extra cash. However, many may not be maximising their chances of winning. Experts at Play Casino, a financial data analysis platform, have analysed the data and identified key strategies to improve your odds, especially given the current odds of 22,000 to 1 per £1 bond

What Most People Get Wrong About Premium Bonds

Research suggests that many people make common mistakes that reduce their chances of winning:

• Tiny balances rarely win – Many hold small amounts like £100-£500, but with odds of 22,000 to 1 per £1 bond, these tiny balances have very low chances of winning. For instance, with £100, the probability of winning at least one prize per month is just 0.45%.
• Forgetting to reinvest winnings – Some winners withdraw small prizes instead of keeping them invested, which reduces their chances of future wins. Reinvesting can increase your number of bonds entered into the draw, boosting odds.
• Not checking for unclaimed prizes – The evidence leans toward over £80 million in Premium Bonds winnings currently unclaimed, simply because people forget to check. NS&I holds these prizes indefinitely, so it’s worth checking regularly.

The ‘Trick’ Martin Lewis Fans Swear By

So, what’s the winning strategy? According to money-savvy Brits and data from Play Casino, it seems likely that the key is:

• Hold at least £5,000–£10,000 in bonds – If you can afford it, larger holdings significantly improve your odds of winning. For example, with £5,000, your chance of winning at least one prize per month rises to 20.26%, and with £10,000, it’s 36.47%.
• Reinvest winnings – Instead of cashing out small prizes, let them roll over to increase your chances of bigger future payouts. This strategy leverages the lottery nature of Premium Bonds, where more bonds mean more entries.
• Set reminders to check for unclaimed prizes – With millions unclaimed, checking your bonds regularly could lead to a surprise windfall. NS&I offers tools like the prize checker on their website (NS&I Premium Bonds) to help.

Probability of Winning at Least One Prize per Month

The team at Play Casino analysed the odds and found that the probability of winning at least one prize per month increases with larger holdings. Here’s how it breaks down, calculated using the current odds of 22,000 to 1:

For example, with £100, your chance of winning any prize in a monthly draw is just 0.45%. But with £10,000, it rises to 36.47%—a one in three chance. At the maximum £50,000, you’re almost guaranteed to win something each month, with an 89.69% probability. This table highlights an unexpected detail: the significant jump in probability at higher holdings, which might encourage savers to consider larger investments.

Expert Commentary

A spokesperson from Play Casino said: “Premium Bonds can be an effective savings tool, but understanding the odds and adopting smart strategies is key. Our analysis shows that larger holdings, like £5,000 or more, can increase your chances of winning, with probabilities rising to over 20% for £5,000 and nearly 90% for £50,000. Reinvesting winnings and checking for unclaimed prizes, especially with over £80 million still out there, can make a significant difference. It’s all about playing the odds smartly, and our data backs this up.”

If you’re hoping for a Premium Bonds win, consider adjusting your strategy. Holding more bonds, reinvesting winnings, and checking for unclaimed prizes could boost your chances. And with over £80 million in unclaimed winnings, a quick check today might just lead to a pleasant surprise, especially given the current odds of 22,000 to 1.