‘Glimmer of hope’ for Premium Bonds holders thanks to NS&I’s pledge to savers

Ms Coles said: “In an average year, someone with £1,000 in the bonds will win nothing. “It’s worth knowing the chances of a win too.

“While the chance of any win at all with a £1 bond is 34,500, the chances of winning £1million is one in 58.58 billion – which is vanishingly small.

Of course, on the flip side, all prizes are tax free, so the higher the rate of tax you pay, the greater the advantage.

“Savers also like the fact that money in Premium Bonds is backed 100 percent by the Treasury.”