16 million premium bondholders have never won a single award
Just over 1.6 million clients have invested Â£ 30,000 or more in premium bonds, while around 820,000 clients have invested up to Â£ 50,000, or around 3.8% of the total.
Despite this, of the 186 savers who have made Â£ 5,000 or more so far this month, around 39% have invested the maximum of Â£ 50,000. Only 13 of those 186 winners had invested less than Â£ 10,000.
At today’s odds, a person with Â£ 50,000 saved has an average chance of earning Â£ 450 per year. It is only when the saver purchases Â£ 2,000 of premium bonds that they will have an average chance of winning the minimum price of Â£ 25 over 12 months.
Some bondholders are luckier than others. To date, 12 incumbents have won the Â£ 1million prize in their very first draw. Since 2007, the most successful bondholder has collected 348 prizes, worth a total of Â£ 10,500.
Lesser-known savings accounts also offer prizes instead of interest, but with better odds. Windfall Bond from the Family Building Society has about a 1 in 60 chance of winning a cash prize of between Â£ 1,000 and Â£ 50,000 each month, six times better than premium bonds.
However, the construction company has temporarily withdrawn the deposit for new customers, and only existing savers qualify for the prizes.
The National Construction Company offers a mutual reward link, which allows customers to participate in a raffle. Every Â£ 100 saved gives the customer at least a 1 in 20,000 chance of winning Â£ 10,000. It is only available to existing Nationwide members.
Mr Blower believed that the odds of winning on premium bonds are likely to get worse before they get better.