How long does it take to win a prize from Premium Bonds?

Winning something in the Premium Bonds prize draw might take a lot longer than you anticipate

Each month, millions of Premium Bonds prizes are distributed; payouts range from £25,000 to £1 million.

However, savers might have to wait a long time to receive a prize that has no guarantee of winning anything at all.

According to the wealth manager Octopus Money's freedom of information request, holders of Premium Bonds usually have to wait three and a half years before they receive any prizes.

A gap between the amount of time customers expect to wait before winning a Premium Bonds prize and the amount of time they will probably have to wait in reality is demonstrated by the lengthy prize wait.

A survey of 2,000 UK adults conducted by Octopus Money revealed that nearly one-third of Premium Bonds holders anticipate winning a prize within the first six months of purchasing their bonds.

How likely is it to win a prize from Premium Bonds?

Although the average rate of return for an individual with average luck, the NSandI prize fund rate, is currently 38%, there is no assurance that any money will be won.

The odds are currently 22,000 to one for each Bond number.

You have one chance to win for every Premium Bond you purchase.

This indicates that the distribution of prizes is significantly biased in favor of those who have substantial savings in Premium Bonds because they stand a better chance of winning a prize on their own.

According to NS&I data, 75% of Premium Bonds jackpot winners have more than £25,000 invested in the vehicle, and 94% of them held more than £10,000 over the previous five years.

According to research conducted by Dodl, AJ Bell's investing app, just under two-thirds of all Premium Bond holders have never received any money from the savings vehicle.

Over £4.25 billion has been inactive Premium Bond accounts for the past ten years, earning no interest and allowing the funds to depreciate due to inflation.

Octopus Money says the prize amount is usually small if you are one of the fortunate few who win. Just 0.3% of all winners of Premium Bonds prizes in 2024 received more than £10,000, while 88% of winners received less than £2,000.

Octopus Money CEO Ruth Handcock stated that although some people may find success saving money in Premium Bonds, "others are missing out on strategies that could grow their wealth and deliver stronger returns over time."

Premium Bonds are not likely to beat inflation, Handcock continued, "so your money may seem safe but its quietly shrinking in value over time."

How to find premium bonds.

Given that the average waiting period for a Premium Bonds prize is three to five years, you might decide it is not worthwhile to check to see if you have won anything each month.

Nevertheless, it is still a good idea to use the Premium Bonds prize checker to see if you were successful. After you have created an account with NS&I, the process is fairly easy.

The day following the first working day of the month, NS&I updates the prize checker tool, which can be accessed through the website, app, and Amazon Alexa.

We have a separate guide that explains how to look for Premium Bonds.

Additionally, savers should look for unclaimed Premium Bond awards from previous years.

NS&I reported in June 2025 that 2,581,427 prizes totaling 101,377,675 were still pending claim.

Check Out Additional Premium Bonds.