Need to know
The Premium Bonds prize draw takes place at the start of each month
Martin Lewis has clarified the rules around Premium Bonds(Image: ITV)
Martin Lewis clears up Premium Bonds myth – what you need to know
- Martin Lewis has busted a common myth about Premium Bonds as he explained why newer Bonds appear to win more prizes than older ones.
- The financial expert, speaking on his BBC podcast, said each individual £1 Bond has exactly the same odds of winning — 21,000 to one — regardless of when it was purchased. Newer Bonds simply win more often because there are far more of them in circulation, as most Bonds were bought relatively recently.
- Mr Lewis said: “The idea that if you were to sell your old bonds and re-buy the same number of new Bonds, that you would now win more often is a complete falsity. Every Bond has exactly the same chance.”
- Despite the equal odds, some long-standing Bond holders with small holdings sometimes land big wins. One person from Brighton and Hove recently scooped a £5,000 prize for a Bond they bought back in July 1960. However, the best way to boost your chances of a win is simply to hold more Bonds.
- The same logic explains why certain regions of the UK appear to win more prizes – there are more Bonds held in those areas.
READ THE FULL STORY: Martin Lewis exposes ‘complete falsity’ over how Premium Bonds prizes work
