On 04/02/2021 15:11, alan_m wrote:

The prize fund is currently 1% so £10K would generate £100 a year in
prizes.Â* On average, you could "win" a single prize approx every 3.5
months, which could be the million rather than £25. Prizes are tax free.

There's a fairly complicated analysis somewhere, but IIRC the upshot is
that a person with average luck and with the maximum £50k of bonds
should expect about 0.95% return in a year. With £10k that falls to 0.75%.

The main reason seems to be that the big prizes are very rare - eg the
£1M prizes are fifty billion to one.

Here it is...
https://www.moneysavingexpert.com/sa...premium-bonds/

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Cheers
Clive