Funny you ask this had the same conversation with a family member, so obsessed with the thought of winning but I don’t think people know how truly down to luck it is, baring in mind I’ve had this conversation every year for the past 3 years and shown them yesterday if they had of put the money in Marcus at the time which offered 1.5% they would of been £1800 better of in interest Also in my experience I’d say it’s more a generation thing
I have premium bonds. Depends how lucky you are but I think I read the average interest rate works out as 1.4%. Which is more than a normal saving type account.
Obviously depends on luck and how many Premium Bonds you have. You can work out how lucky you are using the Premium Bonds Calculator on MoneySavingExpert web site.
Obviously you could be unlucky but there is the added excitement that you could when £1000s each month. Over last 12 months, I won £25 in May and £75 in April! (3 x £25)! Its a bit hard to calculate how lucky and equivalent interest rate because I have had different amount of bonds at different times. I think this year been more lucky over because I won nothing in 2019, and just once in 2018 and 2017 (£25 each)
Maybe its a bit mis-leading having the 1.4% “interest rate” figure on their web site but it does say on the web site that it is not for savers who want regular income or are looking for guaranteed returns.
Also, according to Wikipedia, the term “premium bonds” has been around since 18th century to mean “a bond that earns no interest but is eligible for entry into a lottery”.