Premium Bond Higher Prize Winner?

Middle_of_the_Road

Exodi said:

I suspect given the infinitesimally small odds of winning a large prize, the relatively insignificant number of people who might respond on this poll won't allow any meaningful conclusion to be drawn.

As has already pointed out the official large prize band is >£5k and I've seen a few posts mentioning such wins, so I don't think the odds are that infinitesimal.

I think most would consider £1k a higher prize, comparatively.

Middle_of_the_Road

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

It was asked recently if we could get an indication of those on the forum who've won one of the higher Premium Bond prizes.

That being -

Single prizes of £1,000 or higher.

Anyone can use whatever definition they like on here, but for the record NS&I categorise the prizes into three bands, with high value (top 10% of prize fund) being defined as £5K or above:

https://www.nsandi.com/get-to-know-us/monthly-prize-allocation

Thanks for the clarification. Although a £1k prize is higher than the lower band 🙂

Indeed, but the inclusion of the £1K prizes distorts the poll significantly, as there are over five times as many £1K prizes than the larger ones combined - in the latest draw there were 16,649 £1K prizes versus a total of 2,934 prizes in the higher value band.

Roughly 1% of holders should win a prize of at least £1K in any given year, on average.

Thanks for the prize winning figures. 
The 1% is interesting, in relation to the scope of the poll.

Kim_13

Never won £1k or more

Never won one, highest single prize £100 (the first of those in 2016 when rates were lower and without a FH.)

Kim_13

Never won £1k or more

eskbanker said:

Middle_of_the_Road said:

It was asked recently if we could get an indication of those on the forum who've won one of the higher Premium Bond prizes.

That being -

Single prizes of £1,000 or higher.

Anyone can use whatever definition they like on here, but for the record NS&I categorise the prizes into three bands, with high value (top 10% of prize fund) being defined as £5K or above:

https://www.nsandi.com/get-to-know-us/monthly-prize-allocation

Confusion created by NS&I I expect, given they themselves have made it possible to discover a £1k prize on high value prize day (it’s there if you download the file rather than just viewing the list on their website.)

eskbanker

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

It was asked recently if we could get an indication of those on the forum who've won one of the higher Premium Bond prizes.

That being -

Single prizes of £1,000 or higher.

Anyone can use whatever definition they like on here, but for the record NS&I categorise the prizes into three bands, with high value (top 10% of prize fund) being defined as £5K or above:

https://www.nsandi.com/get-to-know-us/monthly-prize-allocation

Thanks for the clarification. Although a £1k prize is higher than the lower band 🙂

Indeed, but the inclusion of the £1K prizes distorts the poll significantly, as there are over five times as many £1K prizes than the larger ones combined - in the latest draw there were 16,649 £1K prizes versus a total of 2,934 prizes in the higher value band.

Roughly 1% of holders should win a prize of at least £1K in any given year, on average.

Thanks for the prize winning figures. 
The 1% is interesting, in relation to the scope of the poll.

I'd be wary of attaching too much significance to it to be honest, given the number of variables involved - the most important one is obviously the size of holding, as those with full holdings will naturally have massively different odds from those with small pots!  The average holding is below £6K but my suspicion is that most who post on PB threads on here will have holdings above the average....

GDB2222

Never won £1k or more

Exodi said:

I suspect given the infinitesimally small odds of winning a large prize, the relatively insignificant number of people who might respond on this poll won't allow any meaningful conclusion to be drawn.

To be honest, what I fear is that a perceived lack of high value winners will be represented as some form of evidence in a conspiracy theory that the prizes are rigged or something.

FWIW, I don't know of any big lottery winners either. I also personally dislike premium bonds as a savings product (I suspect they are primarily used to scratch an itch for people, instead of being the best financial option).

I like to help, so I voted no in the poll. Does it matter at all that I’ve never owned any premium bonds? 

mebu60

Exodi said:

FWIW, I don't know of any big lottery winners either. 

I know the chap who won the £32.5m Lotto Rollover about 9 years ago. He still lives relatively locally. 

The tyre-fitter I used to use where I lived before dropped the Euromillions £1m. He bought himself a top of the range Audi S7 and they holidayed on a private island. Otherwise life continued as normal but with more financial security.

And my ex-wife's husband landed £25k on the Premium Bonds last year. 

One day Rodney . . . . . . . . . . . . . 

Middle_of_the_Road

GDB2222 said:

Exodi said:

I suspect given the infinitesimally small odds of winning a large prize, the relatively insignificant number of people who might respond on this poll won't allow any meaningful conclusion to be drawn.

To be honest, what I fear is that a perceived lack of high value winners will be represented as some form of evidence in a conspiracy theory that the prizes are rigged or something.

FWIW, I don't know of any big lottery winners either. I also personally dislike premium bonds as a savings product (I suspect they are primarily used to scratch an itch for people, instead of being the best financial option).

I like to help, so I voted no in the poll. Does it matter at all that I’ve never owned any premium bonds? 

Thanks, rhetorical question no doubt.🙄

Exodi

Middle_of_the_Road said:

Exodi said:

I suspect given the infinitesimally small odds of winning a large prize, the relatively insignificant number of people who might respond on this poll won't allow any meaningful conclusion to be drawn.

As has already pointed out the official large prize band is >£5k and I've seen a few posts mentioning such wins, so I don't think the odds are that infinitesimal.

I think most would consider £1k a higher prize, comparatively.

I do not regret using the word infinitesimal but I acknowledge the definition is subjective, as well as what might represent a large prize, but to note, the chances of winning ≥£5000 is 0.11% with a full holding (=1-1794595/1794596)^2000), chances of winning ≥£1000 with a full holding is 0.74%. These odds aren't great and worse when you consider that most people are far from a full holding. The odds can be made less bleak by holding the bonds for extended periods, and of course I want to be clear I'm not suggesting that no-one wins.

MACKEM99

Never won £1k or more

My team has never lost a European Champions League match.