Prize Savings Account - is it Worth Doing?

I’ve been trying to get my head around the prize account, and why would we want to play it?

I put money in, it doesn’t gain interest, and have a minimal chance of winning something? It seems with the amount of customers winning is slight, so aside from leaving a spare £100 in, it doesn’t seem worth doing?

3 Likes

Well you have to be in it to win it !

5 Likes

im sure those that have won £10000 will be thinking differently ? :wink:

2 Likes

Now do I put in £85k in to the instant access account and gain the interest, or move it all to the prize account, no interest, with a lesser chance of winning a tenner or something else?

Assume you’ve only used the prize account?

Who used to say that on TV?!

1 Like

No, I use both. Mostly invested but about 10% of my savings with chip in the prize draw account. I have premium bonds also although chip gives you a higher chance of winning. I play on the national lottery Also for that chance win. So personal choice. There’s no right answer for everyone as depends on what kind of saver or gambler you are ? :+1::blush:

You need to put 100% into the prize savings there mate, guaranteed success over the instant access :+1:

The late Dale Winton was the main one to say it.

Ah can’t beat a bit of Dale! My brother used to date him

It’s your money do whatever you want. I’ve wasted lots of money on Euro lottery at least this way I keep my money.

The odds of winning in premium bonds is higher than the Chip account by about 2.5x.

In premium bonds odds of winning are 24000 to 1 but each £1 = 1 entry. With chip each £10 = 1 entry and whilst this may have changed the is of winning were 6000 to 1 at launch. So when comparing these the odds of winning in comparison is 60,000 to 1.

If we consider the max amount you can invest in premium bonds is £50,000 then an average winner would win 2.5 times a month, with minimum prize being £25, that equates to winning £62.50. To win the same amount with Chip you need to win more than 6 times a month with minimum prize being £10. How many people do win this many times? Remember the max prize with premium bonds is £1m.

At the end of the day we all have a choice where we invest our money and wish everyone luck with whichever route they take

5 Likes

Now that’s an excellent answer

It seems the sacrifice in not receiving the monthly interest is basically a little excitement

1 Like