The chances of winning the top prize with a any single £1 premium bond are 24,500,000,000-1 (that's 24.5 billion), but as the minimum £100 holding provides 100 chances, this cuts the odds to 245 million-1. However, NS&I says the chances of winning any prize with a single £1 bond are 24,000-1.

You can compare the odds to the National Lottery. In that, you have more chance of winning the lottery each week where your £1 stake gives you a one-in-14 million chance. But, unlike the lottery, you do not lose your stake if you do not win. You simply go into the next monthly Premium Bond draw.

Improving winning chances

The only sure way to increase your chances of a prize are to buy more bonds. NS&I calculates that with the maximum £30,000 investment and average luck you should win 15 prizes a year.

However, note that phrase 'average luck'. There is no guarantee you'll win anything. Prizes are based on a rate of return, typically around 1% or 2% lower than the base rate. However, the best-paying deposit accounts tend to offer far better gross rates of interest.

To check whether you have any winning premium bond numbers follow the sponsored links below.