Although, it’s worth noting the interest rate can go up and down over time, but even factoring this in, with a regular account you’ll still know what you’ll earn at any given point, while those with Premium Bonds could be saving the same £1,000 thinking they’ll get something extra each month and be in with a chance of scoring £1million, but ultimately win nothing time and time again.
A recent post on the Money Saving Expert website reinforced the idea that Premium Bonds may not be the best option for ‘most savers with average luck, who don’t pay tax on savings interest’.
According to NS&I the April 2025 Premium Bonds draw is expected to have over £411million in the prize fund, with more than 5.9 million prizes up for grabs.
In December’s Premium Bond draw, £62million was handed out in total across 20,791 high-value prizes, but the two lucky Brits who became millionaires held £50,000 and £33,275 each in bonds.
Similarly, the number of £50,000 prizes will go from 164 to 157, while £25,000 prizes will decrease from 328 to 313, and the number of £10,000 prizes will also fall from 820 to 781.
