Almost a third of holders expect to win a prize in the first six months, according to Octopus Money.
Warning for 300,000 NS&I Premium Bonds holders set to go without prizes
The average time to win Premium Bonds for National Savings and Investments (NS&I) customers has been revealed. Almost a third of holders expect to win a prize in the first six months, according to Octopus Money.
But the reality is that most people have to wait three and a half years on average. Of the 510,061 Premium Bond accounts opened during the 2025-26 financial year, more than 60% (310,913) did not win a single prize before the end of the financial year.
Tom Francis, head of personal finance at Octopus Money, said: “Premium Bonds hold a special place in British saving culture, and for many people they were a childhood gift rather than a conscious financial decision, which is why many accounts go untouched for years.
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“The problem is that if you’re not checking in, not only are prizes potentially missed, but you’re probably not comparing them against what else is out there.
“The prize rate might sound like an interest rate, but it isn’t: some people will win far more than it suggests, and millions will win nothing at all.”
Tom adds: “There are other options out there that might prove more reliable, such as a cash ISA if you need certainty in the short term, or an investment account if you’re thinking longer term.
“Premium Bonds might still have a place, but it should be an active choice rather than an accident.”
An NS&I spokesperson said: “In the past decade, NS&I has paid out over £25 billion in over 497 million prizes.
“All individual Premium Bond holdings remain eligible for the prize draw regardless of whether someone has made any additional deposits or withdrawals to their account.
“Premium Bonds are a fun, tax-free way to save with all deposits covered by the 100% government guarantee.
“Instead of earning interest, there are tax-free prizes ranging from £25 to £1 million. This month there were over 6.2 million tax-free prizes worth over £433 million.”