Savers holding their cash in Premium Bonds are having to wait over three years before they ever receive a prize, new data shows, meaning many savers are effectively losing money in real terms.
Figures obtained by wealth manager Quilter via a freedom of information (FOI) request found that, as of 2025, first-time winners had to wait an average of 3.1 years before receiving their first prize.
The data also found the average holdings of a prize winner in 2025 stood at £39,500 – well above the average amount held in Premium Bonds – with even those winning just £25 having a typical holding of £39,817. FOI data from broker AJ Bell last year found the average holding was just £5,406.
Premium Bonds are a product offered by government-backed National Savings and Investments (NS&I), where you buy “bonds” worth £1 each. Each month, those bonds are entered into a prize draw with the chance of winning between £25 and £1m tax-free.
You can buy up to £50,000 worth of bonds in total, and each bond has an equal chance of winning. So, the more bonds you hold, the greater your chances of claiming a prize.
The products are considered a “safe haven” as the money is backed by the Government. They are also popular for their tax-free nature, particularly for higher earners who may face tax bills on their savings interest.
But the data highlights that for many savers, the products are not competitive and they could be effectively losing money in real terms, as money held in Premium Bonds does not attract interest and the chance of winning prizes is low.
Data obtained by AJ Bell found that 14 million people – roughly two-thirds of all Premium Bonds holders – had yet to win any prize as of January 2026.
And the odds of winning are only set to get worse. From April, the Premium Bond prize rate will be cut from 3.6 per cent to 3.3 per cent. This is only marginally above inflation, which stands at 3 per cent today.
For short and medium-term savings, savers may be better off putting their money into savings accounts with top interest rates. The top savings account on the market currently pays 4.75 per cent interest, according to Moneyfacts data.
Calculations by Quilter found that £10,000 invested in the stock market and returning an average of 5 per cent over three years – the time it typically takes to win a prize with Premium Bonds – they could have earned £1,346.
Meanwhile, the average Premium Bond holding among prize winners of £39,817 could have returned £5,316 over that three-year period if it was invested instead.
Ian Futcher, financial adviser at Quilter, said: “Last year’s first-time winners had to wait over three years before they received that prize. In that time, and provided their financial situation allows, significant gains could be made by investing and offers a much greater potential to grow wealth than Premium Bonds can.
“The Premium Bond prize rate is being cut at the same time as fears around a fresh inflation spike grow. Actively managing short-term savings via a cash platform means you can lock in real returns above inflation, rather than hold out hope that you win a prize, let alone win one of the high-value prizes.”
How to track down Premium Bonds if you’ve lost access
Thousands of people are believed to have lost access to their Premium Bonds, with an investigation by The Telegraph finding that many customers have had their money misplaced by NS&I. Many bereaved families have claimed they have also not received money they are entitled to.
If you think you may have Premium Bonds or a relative may have had them before they died, there are ways to regain access to your account.
NS&I also offers a free tracing service where you fill out a form and it tries to track down your lost account. You can fill out a form here.
If you have information about the account to hand, such as your holder’s number, you can try logging in via the NS&I website and resetting your password, or you can contact NS&I and ask them to manually unlock your account.
Your holder’s number can usually be found on paperwork relating to the account, such as purchase letters or letters about prize wins.
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