Financial guru Martin Lewis has called out a “complete urban myth” surrounding National Savings and Investments (NS&I) Premium Bonds, one of the UK’s most popular savings products.
Speaking on his Martin Lewis Podcast on BBC Sounds, the Money Saving Expert founder clarified how Premium Bonds work, dispelled misinformation, and provided valuable tips for savers looking to understand the odds of winning.
What Are Premium Bonds?
NS&I Premium Bonds allow individuals to save money in a government-backed account while having the chance to win tax-free monthly prizes ranging from £25 to a jackpot of £1 million. The minimum investment is £25, and the total prize fund is determined by a monthly interest rate, which is distributed through a prize draw.
Martin Lewis assured savers that their money is extremely secure:
“Every penny you’ve got in there is backed up by the government. The only way you could have a problem is if the government went bust — then we’d all have bigger problems. In other words, you’re always at worst going to get your money back.”
The Myth: Do Older Bonds Win Less?
A common belief among bondholders is that older bonds have fewer chances of winning, with many wondering if buying newer bonds would improve their odds. Martin Lewis labelled this idea as a “complete urban myth.”
“Every bond has the same chance of winning in the prize draw as every other bond,” Lewis explained.
“The reason more new bonds win is because there are more new bonds.”
He added that in the 1960s and 1970s, people typically purchased bonds in small amounts, such as £1 or £10. Today, investors buy significantly larger amounts — £500, £1,000, even £10,000 — so the volume of newer bonds in circulation is much higher, leading to more frequent wins among recent purchases.
November’s Prize Breakdown
For November’s prize draw, only two lucky winners walked away with the top £1 million prize. However, millions of pounds were distributed across smaller tiers:
- £1 million – 2 winners
- £100,000 – 71 winners
- £50,000 – 141 winners
- £25,000 – 284 winners
- £10,000 – 590 winners
- £5,000 – 1,177 winners
- £1,000 – 12,573 winners
- £500 – 37,719 winners
- £100 – 1,280,509 winners
- £50 – 1,280,509 winners
- £25 – 2,376,161 winners
How to Check If You’ve Won
To check whether you’ve landed a prize, visit the NS&I website or use the NS&I app. You’ll need your holder’s number or NS&I number, both of which are available in your bond documents or account correspondence.
Premium Bonds remain the UK’s largest savings product, with over 24 million people investing more than £122 billion, according to MoneySavingExpert.
Martin Lewis has long maintained that while Premium Bonds are not the highest-return savings option, they offer a secure, tax-free, and often enjoyable way to save — especially for those who value the chance of winning big.
For more information or to check if you’re a winner, visit: nsandi.com.
