I’ve recently cashed in some Premium Bonds and the money has now appeared in my bank account. I read on moneysavingexpert.com that the chances of winning any prize is now very low. They also explained that people look at Premium Bonds in the wrong way too. This is helped by the wording used in that returns are called prizes when it should in fact be called interest.

There’s actually a Premium Bond calculator on the site.

Go to http://www.moneysavingexpert.com/ and scroll down the front page until you get to free tools. The first one should be called Premium Bonds Calc and will tell you how much you could expect to win based on your holdings.

When I put mine in I was quite shocked to find out how little chance I had of ‘winning.’

I’ve had bonds for close on ten years now and have “won” £100 once and £50 once.

I’ve got another investment that I may also cash in and stick in my ISA as it has only given me an average of 2% growth each year over the period I have held it. 2% is bugger all. I’m due to get a statement for that sometime this month.