Premium bonds calculator

frosty77

Just messing around with the premium bonds calculator and put in expected returns if you had £50K in them over 5 years. The calculator gives a 45.6% chance of winning at least 1 million. So after holding for 5 years there is a just under 50:50 chance of winning more than 1 million. This doesn't seem right to me..... Any thoughts?

eskbanker

Yes, the calculator is broken, there was a similarly-titled thread about this a couple of weeks ago and the issue has apparently been reported:

https://forums.moneysavingexpert.com/discussion/6416798/premium-bond-calculator

A maximum holding has about a 1 in 100,000 chance of winning £1m in any given year.

Albermarle

eskbanker said:

Yes, the calculator is broken, there was a similarly-titled thread about this a couple of weeks ago and the issue has apparently been reported:

https://forums.moneysavingexpert.com/discussion/6416798/premium-bond-calculator

A maximum holding has about a 1 in 100,000 chance of winning £1m in any given year.

So as there are two Million Pound prizes, someone with the maximum £50K holding, will win a Million every 50,000 years ( or thereabouts)?

eskbanker

Albermarle said:

eskbanker said:

Yes, the calculator is broken, there was a similarly-titled thread about this a couple of weeks ago and the issue has apparently been reported:

https://forums.moneysavingexpert.com/discussion/6416798/premium-bond-calculator

A maximum holding has about a 1 in 100,000 chance of winning £1m in any given year.

So as there are two Million Pound prizes, someone with the maximum £50K holding, will win a Million every 50,000 years ( or thereabouts)?

On average, yes, although chances are that the odds will change over that time....

Richard1212

A good reason to be cryonically preserved ; until you are awakened and somebody says "what the hell are premium bonds" ?

BooJewels

Not sure that would work either - they'll only include a deceased members bonds in the draw for 12 months after death - so you'd then get into the legal ramifications as to what exactly is defined as 'dead'.