Premium Bonds

DBoyce01

I need to understand Premium bonds. If I was to purchase P'B's anything from £25 - £2,000 totalling £6,000 generating approx 14 different P'B numbers, all with different codes. Does this increase my chances of winning or, would it be better to purchase 2 x £3,000's and only having 4 codes each with a hire value. My total would still be £6,000. I hope this makes sense and I hope for some answers. 

la531983

It doesnt matter. The chance of winning is exactly the same.

HappyHarry

Each £1 bond is entered into the draw. It doesn’t matter whether they have consecutive numbers with other bonds you own, or that someone else owns, the chances of the bond winning are exactly the same.

Teapot55

The only thing I would say is that the more bonds you have, the more chances you have. 

refluxer

DBoyce01 said:

I need to understand Premium bonds. If I was to purchase P'B's anything from £25 - £2,000 totalling £6,000 generating approx 14 different P'B numbers, all with different codes. Does this increase my chances of winning or, would it be better to purchase 2 x £3,000's and only having 4 codes each with a hire value. My total would still be £6,000. I hope this makes sense and I hope for some answers. 

As mentioned above, you get a different Premium Bond number for every £1 you save so £6,000 will buy you 6,000 bonds and it doesn't matter in what combination you buy them.

If you're looking at this as a tax-efficient savings vehicle (or to set expectations if it's just a bit of fun), then it's worth noting that, with average luck, you'd expect to win £225 each year from £6,000-worth of bonds (according to the calculator below) which would give you an equivalent interest rate of 3.75%. 

https://www.premiumbondsprizes.com/#6000

As they have to be held for a calendar month before they qualify for a draw, the best time to buy them is at the end of the month.

quantum173

odds for 50,000 bonds

refluxer

quantum173 said:

odds for 50,000 bonds

Is that a question ? If you want the stats for £50k, you can get them by putting that number into the site above

DBoyce01

Thank you for all your answers. I didn't see the 'to' in the bonds numbers part. Now I have seen this it makes so much more sense to me and your explanations have helped me a lot.