A Freedom of Information request obtained by AJ Bell’s Dodl investing app has revealed that just under 14.4 million current Premium Bond holders—almost two-thirds (63%) of all holders—have never won a prize.
Despite the lacklustre returns, Premium Bonds remain one of the UK’s most popular savings products, held by approximately 22.7 million people with a total of £127.7 billion invested in these accounts as of the end of 2024.
While the total number of Premium Bond prizes worth more than the lowest £25 denomination has increased significantly since 2022, the vast majority of prizes won in 2024 were still worth £100 or less. This means the chance of winning substantial prizes remains extremely small.
The data shows that 5.1 million Premium Bond holders won a prize between March 2024 and February 2025, with 80% of those winners claiming more than one prize during that period. It is notable that the average holding for those who won was £23,397, substantially higher than the average holding across all Premium Bond holders, which stands at £5,406.
NS&I currently quotes a variable prize fund rate of 3.8%, though there is no guarantee of any return on investments.
“There’s a chance even the average holding won’t win a prize, meaning savers might be better off considering other options with their cash rather than leaving it to chance in a Premium Bonds account, particularly over the long term,” said Charlene Young, senior pensions and savings expert at AJ Bell.
The stats certainly suggest savers seeking to beat inflation would be better placed elsewhere.
AJ Bell highlighted their AJ Bell Dodl ISA and Lifetime ISA, which offer 4.58% AER variable on cash with additional options to invest for long-term returns.
For comparison, investing the average holding of £5,406 in the Fidelity Index World global tracker fund ten years ago would now be worth £14,794.
There’s a clear case for investing in equities or using high-interest rate savings accounts over premium bonds.