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Premium Bonds, honestly
The prize-fund rate isn't what typical luck pays. See your holding three ways — the advertised average, a top easy-access rate for comparison, and how tax changes the picture — then decide for yourself.
On average luck, £10,000 in Premium Bonds pays about £70/yr less than a top easy-access account — but prizes are tax-free, and a lucky year could pay more. Both facts, your call.
Illustrations on your holding, not promises. Prize odds and rates change — check the current figures with NS&I and the provider.
Blooom runs this check — and the same honest maths on your savings, bills and pension — against your own numbers. Free to start.
It's free to start, and Blooom can't move your money — it only sees what you choose to add.
How the median is handled
The median 'typical luck' row is bracketed on purpose. A median needs NS&I's published prize-value distribution, which a founder verifies against nsandi.com before it appears here — we don't guess it. For now the tool shows the advertised average (a mean, which a few big prizes lift) against a guaranteed easy-access rate. Both facts, your call.
How this works
- 1Pick your rough Premium Bonds holding and whether you pay tax on savings interest.
- 2The first bar is the advertised prize-fund rate on your holding — an average across all bonds, so it's what you'd get with average luck, not typical luck.
- 3The last bar is a top easy-access rate for comparison. If you pay tax, we take an illustration of the tax off it — Premium Bonds prizes are tax-free, so this is where the picture can flip.
- 4The middle 'typical luck' row is bracketed until a founder verifies NS&I's prize distribution — we'd rather show nothing there than guess.
Frequently asked questions
Is the Premium Bonds prize-fund rate what I'll actually earn?
No — it's a mean across all bonds. A few large prizes lift the average, so many holders win less than the headline rate implies, and some win nothing in a year. This tool shows the advertised average against a guaranteed easy-access rate so you can see both.
Are Premium Bonds prizes taxed?
Premium Bonds prizes are tax-free. Interest on a normal savings account can be taxable above your Personal Savings Allowance, which depends on your tax band — that's why the tax chip changes the comparison. The tax figure here is an illustration from the band you pick; HMRC decides the final figure.
Why is the 'typical luck' row bracketed?
A median 'typical luck' figure needs NS&I's published prize-value distribution, which a founder verifies against nsandi.com before it appears here. Rather than guess it, the row is bracketed and the tool shows the advertised average against a guaranteed rate for now.