You have a better chance of being hit by lightning than winning £1m, but Premium Bonds are still a good bet ⚡ gracegausden93 explains
The rates have increased multiple times this year, in light of people taking money out of Premium Bonds as the cost of living crisis intensifies. This has meant NS&I has increased the rates you can expect in return to attract more money. The August rate of 4 per cent is the best rate offered in 15 years.
Dr Michael Dunne-Willows, statistics ambassador at the Royal Statistical Society, calculated the odds of winning the Premium Bonds – and whether you are more likely to be struck by lightning. The probability of someone with 10,000 Premium bonds winning a prize of £5,000 at least once works out to be about 1 in 1,000. Therefore, winning £5,000 if you have 10,000 bonds is considerably more likely than being struck by lightning.
While this is good news for Bond holders, it is likely NS&I is making this move to encourage more people to stick with NS&I – or to take out Premium Bonds – following a major drop in the number people currently hold. “For the first time in many years savers have a wide range of excellent savings options, so NS&I has little choice but to up its game, unless it wants to get left behind.”
“It’s also a clear sign that as the cost of living squeezes us ever-harder, more people find they can’t cut their spending enough to make ends meet, and are eating into their savings.”
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