Introduction
Are you interested in premium bonds and how they work? If you are, then you might be interested to learn various tips that can help you get into the entire premium bonds craze. Recently, premium bonds have grown in popularity, and one of the reasons for this is probably because there are over a million numbers that are being chosen randomly as a winner of a cash prize. Prizes vary, but they are of considerable amount, and they are all tax-free. If you want to get into the entire premium bonds craze, then follow these simple tips to help guide you through it.
Step 1
One of the things that is working for you at this time is that you now have better odds this time around when it comes to winning. A couple of years ago, your odds of winning were not as good, but due to the recent overhaul that the National Savings and Investments have made, the odds of winning were improved.
Step 2
You should also remember that although you have a much better chance of winning in the lottery because you have better odds with it, the beauty of premium bonds is that you don’t lose your investment when you don’t win. Your premium bond will still be eligible for the next month’s draw, which means that once you have a premium bond in the system, then it is in the system even if you don’t win for a particular draw. With lotteries, you lose your investment or stake once the draw is finished, forcing you to bet again if you want to have another shot at winning.
Step 3
You should also remember that although you have a much better chance of winning in the lottery because you have better odds with it, the beauty of premium bonds is that you don’t lose your investment when you don’t win. Your premium bond will still be eligible for the next month’s draw, which means that once you have a premium bond in the system, then it is in the system even if you don’t win for a particular draw. With lotteries, you lose your investment or stake once the draw is finished, forcing you to bet again if you want to have another shot at winning.
Step 4
Although it may seem that most of the winning premium bonds being drawn seem to be newer premium bonds, purchasing newer bonds will not actually improve your chances of winning. It is just that more people have started purchasing premium bonds back in 1994 as compared to the 37 years preceding it, so there is no direct correlation with when you purchase your premium bonds to your chances of winning.
Step 5
If you want to check if your premium bonds have won, try to enter your number using a premium bonds calculator and check if your number actually won. These premium bonds calculator can also help determine your chances of winning depending on the number of premium bonds that you have purchased.
Step 6
If you don’t have enough money to purchase premium bonds, you can purchase premium bonds with a partner and agree to share all the winnings if ever your premium bonds would be drawn as the winner. This helps reduce the amount of money that you will have to use, but it will also reduce the amount of earnings that you will receive when you do win.
Step 7
If you do win, you can opt to use your winnings to purchase more bonds. This will compound your chances of winning because the more premium bonds you have, the more chances you have of winning.
Tip 8
If you think that your relative may have won, and that relative is now deceased, you can still actually claim their winnings, but you will have to do it quickly because these bonds are only eligible for 12 months.
Sources and Citations
Following these tips can help improve your chances when it comes to premium bonds, however, it is important to remember also that all this is average luck, which means that you may or may not win.
