NS&I has clarified how the monthly Premium Bonds draw works after a customer vented their frustration at never winning a prize on Bonds they purchased over 50 years ago.
An X user contacted the savings provider to ask if the old style Bonds are still entered into the monthly prize draw, as Bonds they purchased in the 1970s have never won a prize while more recently issued ones have.
The group explained: “Every £1 Bond has an equal chance of winning a prize, regardless of when or where it was bought. In fact, over 95 percent of eligible Bonds have been bought since the year 2000, which is why newer Bonds seem to win more frequently.”
The person said they already understood these rules but they were also wondering why their account shows their first transaction was in 2019 despite the fact they opened their account in 1972.
A representative said in response: “My apologies for this. Your online portfolio can only track data from the date you registered for our online and phone service. For any details prior to your registration, you would need to write to us.”
The customer was unhappy with this response saying this makes it appear those who bought Premium Bonds before the online service were “irrelevant”.
The provider said: “Premium Bonds bought prior to the internet are definitely not irrelevant. Did you know? A Bond bought in 1967 won £5,000 in this month’s prize draw!
“However, you can still view your up to date Bond details online, but if you want details of your Holding prior to you registering for our online and phone service, you will need to write to us for this.”
The customer said: “Thank you for the reassurance. Just a little apprehensive, with all that seems to be besetting us these days.”
This is not the first time a worried saver has contacted NS&I to query if older Bonds are not entered into the draw. One customer contacted the group last year after winning nothing in 55 years.
NS&I said in response to that case: “Absolutely not, there is no method of numbers dropping out and being obsolete.”
A person can increase their chance of winning in the monthly draw by purchasing more Bonds, up to the £50,000 limit.
But as the draw is based on luck, a person can go many months of even years without winning a prize – while another person may win several prizes in a single draw.
The Premium Bonds scheme launched in 1956 and any Bond as far back as when the savings option began could win a cash prize each month.
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