Martin Lewis BUSTS Premium Bonds Myth
Money saving legend Martin Lewis has slammed a “complete urban myth” about NS&I Premium Bonds, one of Britain’s favoured savings schemes. On his popular Martin Lewis Podcast, he cleared up confusion over how these bonds really work — and gave savvy tips to boost your chances.
Premium Bonds Explained
With NS&I Premium Bonds, savers put their cash into a government-backed pot and get entered into monthly prize draws. You could bag tax-free prizes from £25 right up to a staggering £1 million jackpot! The minimum you can invest is just £25. The total prize money depends on a monthly interest rate handed out through random draws.
Lewis reassured worried investors:
“Every penny you’ve got in there is backed up by the government. The only way you could have a problem is if the government went bust — then we’d all have bigger problems. In other words, you’re always at worst going to get your money back.”
The Big Myth: Do Older Bonds Lose Out?
Loads of people think older Premium Bonds stand less chance of winning than newer ones. Martin Lewis calls this rubbish, labelling it a “complete urban myth.”
“Every bond has the same chance of winning in the prize draw as every other bond,” Lewis told listeners.
He explained more new bonds win simply because there are far more of them. Back in the 60s and 70s, bonds were bought in tiny amounts like £1 or £10. Today, many buy thousands pounds’ worth, so newer bonds dominate the draw.
November’s Jackpot Winners and Prizes
November’s prize draw handed out millions, including two lucky £1 million winners. Here’s the full breakdown:
- £1 million – 2 winners
- £100,000 – 71 winners
- £50,000 – 141 winners
- £25,000 – 284 winners
- £10,000 – 590 winners
- £5,000 – 1,177 winners
- £1,000 – 12,573 winners
- £500 – 37,719 winners
- £100 – 1,280,509 winners
- £50 – 1,280,509 winners
- £25 – 2,376,161 winners
How to Check If You’ve Bagged a Prize
Think you’ve won? Head to the NS&I website or download the NS&I app. You’ll need your holder or NS&I number — find these in your bond documentation or account emails.
Premium Bonds remain the UK’s biggest savings product, with over 24 million people investing more than £122 billion. Martin Lewis highlights they’re not the highest yield saver but offer a secure, tax-free thrill — and a chance to strike it rich.
