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