Can you lose your money in premium bonds?
Table of Contents
- 1 Can you lose your money in premium bonds?
- 2 What are the odds of winning 1 million on premium bonds?
- 3 Do I have to declare Premium Bonds on my tax return?
- 4 Are you more likely to win the lottery or premium bonds?
- 5 How long does it take to get money out of premium Bonds?
- 6 Is it better to have premium Bonds in a block?
- 7 Are you notified if you win on premium bonds?
Can you lose money with Premium Bonds? No. NS&I is authorised and regulated by the Treasury, rather than a bank, so 100\% of your money is protected. Even if you’re an unlucky customer and never win anything, the amount you put into Premium Bonds remains safe.
1 in 56.2 billion
NS&I says you have a 1 in 34,500 chance of winning £25 from a £1 bond. The same bond has a 1 in 56.2 billion chance of winning £1 million.
What are the odds of winning with 50000 premium bonds?
1 in 92,367
Of course though, the more bonds you have, the more chance you have of winning. Plus, bonds are entered into the draw every month, rather than as a one off….
| Number of bonds | Chances of winning £1 million |
|---|---|
| £50,000 | 1 in 92,367 |
Do I have to declare Premium Bonds on my tax return?
Premium Bonds offer a way of investing anything from £100 to £40,000. Each month a draw is made and around £100m is won by Premium Bond holders. The top prize is a £1m jackpot. Tax and you do not need to declare it on your tax return.
Your chance of winning the jackpot per ticket on the National Lottery is one in 45 million in a week, far outstripping the one in more than 56 BILLION chance of becoming a millionaire through one single Premium Bond in a month. Of course though, the more bonds you have, the more chance you have of winning.
How long does it take to withdraw premium bonds?
How long does it take to cash in Premium Bonds? According to NS&I, it takes up to three banking days for the money to reach your account, unless you have elected to cash in after the next draw.
A There are all sorts of theories. However there is absolutely no evidence that holding premium bonds in a single block has a better chance of winning.
What happens if a child wins the premium bonds?
What happens if the child wins? If the child beats the odds and wins a prize, it will be up to the parent or guardian to decide what to do with it. In terms of tax considerations, there’s nothing to worry about.
You can choose to have your prizes paid directly to your bank account (or NS&I Direct Saver) or reinvested into more Bonds. We’ll let you know by text or email if you win.
https://www.youtube.com/watch?v=oeApTPwSwEg