Premium Bonds work like a lottery, where bonds are entered into a monthly draw. This means if you own £25 in Premium Bonds, with average luck it would take you 28 years and nine months to win anything at all. The spokesperson added that people with small amounts of cash in Premium Bonds do sometimes win big. For example, in the July 2004 Premium Bonds draw a woman from London won the £1million jackpot with £17 of bonds - as there was no £25 minimum limit back then. A Family Building Society spokesperson said Premium Bonds customers with small holdings might not fully understand their chances of winning.

Source: Daily Mirror July 11, 2021 07:00 UTC