You can now save £10,000 more in Premium Bonds after the limit was increased to £50,000. But what are the odds of winning and how do they compare to the likes of the National Lottery and the Health Lottery?

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Why Premium Bonds are so popular

Premium Bonds are the nation’s most popular savings product with 21 million of us depositing a total of £53 billion. Of that number 250,000 have invested up to the previous limit of £40,000 and many of those people will doubtless be investing more now.

But why do we love Premium Bonds so much? There are two reasons.

Firstly, they are offered by National Savings & Investments (NS&I), the government’s bank. This means that all deposits are guaranteed by the Treasury so there is no risk of you losing your money and you can withdraw it at any time.

But the bigger reason so many of us choose to pour our savings into Premium Bonds is the prize fund. Each bond is entered into a monthly draw for a prize of up to £1 million.

Given the fact Premium Bonds have been around since 1956 that means there are a lot of winners out there.

Premium Bonds odds

So what are your odds of winning with Premium Bonds?

NS&I will tell you that you stand a one in 26,000 chance of winning a prize for each £1 bond you own.

But those odds are for winning any Premium Bond prize, not just the million.

If you look at winning one of the two million pound Premium Bond jackpots the odds lengthen massively to an astonishing one in 27 billion. To put that in context you are far more likely to be killed by a vending machine – the odds for that are one in 112 million.

How the odds compare to lotteries

The main National Lottery Lotto draw now has odds of 45 million to one for winning the jackpot. If you want to win more Euromillions offers bigger jackpots but far longer odds at 116.5 million to one, due to the fact the whole of Europe can take part.

If you want shorter odds go for the smaller prizes. The National Lottery’s Thunderball game has a jackpot of £500,000 and your odds of winning are eight million to one. Making it eight times less likely than you being killed by falling off a ladder this year.

Play the Health Lottery and you have a one in two million chance of taking home the £100,000 jackpot. That means you are more likely to win – so long as you buy a ticket – than be killed by lightning. The odds of death by lightning in the UK are one in three million.

So your chances of winning any big prize draw are pretty slim whether it’s the Euromillions or Premium Bonds. But just because the odds are long doesn’t mean it won’t happen.

Postcode Lottery Odds 2019

The odds of the Bulgarian lottery drawing the same numbers on two consecutive weeks are around 4.2 million to one, but it happened in 2009.