You are not guaranteed any return on your investment, and returns are on average much lower than the interest you could earn on a normal savings account. In August ERNIE 4 was brought into service in anticipation of an increase in prizes each month from September
For each bond held, the odds of winning a prize are about 24, to 1.
Are Premium Bonds a safe investment or waste of time?
As the draw is random, each individual bond has the same chance of winning as any other, with no bias towards newer bonds or those people who hold more bonds than others. The jackpot winners in October were the th and th millionaires created through the Premium Bonds scheme, since the million-pound top prize was introduced in the mids. A insightful question - yes there are.
The first are bond drawn sold inbut the first draw didn't take place until June To be eligible for the December draw you must have bought your bonds by October 31; for the June draw you need to buy them by the end of April All current bonds are eligible for the prizes as normal. Watch our visual history of 50 years of Premium Bonds.
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Premium Bonds then, what do you know? Sounds good, how does that work?
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Premium Bond Explained
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Councillor William Crook, the mayor of Lytham St Anne'sbought the second. The Premium Bonds office was based in St Annes-on-Sea until it moved to Blackpool in According to the Premium Bond Probability Calculator  on MoneySavingExpert.
The what date fund is equal to one month's interest on all bonds eligible for the draw. The following table lists the distribution of prizes on offer in the draw. ERNIE is a hardware random number generator. The first ERNIE was built at the Post Office Research Station by a team led by Sidney Broadhurst.
The designers were Tommy Flowers  and Harry Fensom and it is based on Colossusthe world's first digital computer. ERNIE 1 has been displayed at the Science Museum in London since ERNIE 3 in was the size of a personal computer;  at the end of its life it took five and a half hours to complete its monthly draw. In August ERNIE 4 was brought into service in anticipation of an increase in prizes each month from September By comparison, the original ERNIE generated 2, numbers an hour and was the size of a van.
ERNIE 4 drawn each months thermal noise in transistors as its source of randomness to generate true random numbers; the original ERNIE used a gas neon diode.
Q&A: Premium Bonds
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