Premium Bonds: NS&I dispels ‘popular myth’ about your chances of winning £1million

Premium Bonds: Expert discusses chances of winning prize draw

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Premium Bonds have been popular for decades as the savings option gives Britons a chance to become a millionaire each month. With many hoping to increase their chances of striking it lucky, they could take action to make this more likely.

However, NS&I has warned there is a frequent misconception when it comes to winning chances. 

The organisation says people often think that holding Premium Bonds in a sequence can improve their chances of winning.

However, this is actually far from the case due to the way the draw works.

Since June 1957, winning numbers have been produced by a machine named ERNIE – which stands for Electronic Random Number Indicator Equipment.

ERNIE now produces enough random numbers for a monthly prize draw in just 12 minutes.

The machine generates numbers completely at random, which are then matched to the database of eligible Bonds.

This helps NS&I to determine the winners of the prize draw each months.

The NS&I website explains: “Since no Bonds are actually entered into ERNIE, it doesn’t ‘know’ anything about the Bonds themselves.

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“This includes whether the Bond number is is part of a sequence of numbers or not.”

Therefore, holding numbers in a sequence has no bearing on whether a person wins, or their chances of securing a win.

Premium Bonds are actually lottery bonds, which is why they continue to be so popular.

However, this means there is only one action which can increase a person’s chances of winning. 

The more Premium Bonds a person holds, the more likely it is that they will win.

This appears to have been proven in the most recent prize draw, where two lucky millionaires were created in June 2022.

The minimum holding at present for Premium Bonds is £25, and the maximum holding £50,000. 

The first lucky millionaire had the maximum £50,000, and was from Kirklees.

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Their winning number was 464SG223887 which they purchased less than a year ago in July 2021.

The second millionaire was from Essex, and held a comparatively modest £10,001 in total.

Their winning Bond was purchased in September 2016, and the number was 281YT705546.

In total, NS&I says it issued over 4.8million prizes this month.

Its prize fund was worth in excess of £137million. 

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