But while many savers dream of a quick win, the reality is often far less rewarding.
The odds favour those with bigger investments, the research shows, with 96 per cent of jackpot winners over the past five years holding more than £10,000, and 75 per cent over £25,000.
With inflation rising and better interest rates available, The i Paper explores where everyday savers might find better long-term returns.
It pays out tax-free prizes of between £25 and £1m every month, and it is the UK’s most popular savings account, with £131.4bn deposited by about 22.5 million savers.
What are the alternatives?
While they may work well for some, others are missing out on strategies that could grow their wealth and deliver stronger returns over time, Ruth Handcock, CEO of Octopus Money, said.
Lottery-style savings
As premium bonds are so popular, other banks and building societies have launched their own versions, including Halifax, Chip and Coventry Building Society.
Halifax Savers Prize Draw – win up to £100,000 square RETIREMENT Retirees need £44k for a 'comfortable' life. How are the rest of us meant to manage?
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The top three winners get £100,000 each, followed by 100 prizes of £1,000 and 1,500 prizes of £100.
A benefit of this is that any prize you win is a bonus on top of the interest you are already earning through your savings account.
To qualify, you will need to hold £5,000 or more in qualifying accounts for a whole calendar month.
Chip Prize Savings Account – win up to £75,000It works using the money you deposit towards entries in a monthly prize draw, and any prize you win is added to your account.
The number of entries savers get is decided by their average balance over the calendar month. This is calculated by dividing the daily balance by the number of days in the month.
The Sunny Day Saver – win up to £500All savers who pay in at least £10 per month into this account will be entered into a prize draw to win one of 20 cash prizes worth up to £500 each month.
Each month there is one £500 prize, five worth £200 and 14 £50 winnings.
What about other savings products?
But when you put your money into a stocks and shares ISA, your provider invests it on your behalf.
If you would prefer an account with a big name, Leeds Building Society pay a rate of 4.1 per cent and allows unlimited penalty-free withdrawals.
If you want a do-it-yourself account, where you can build your own portfolio, Trading 212 has zero fees to buy and sell funds.
Easy access: The best easy access rate is with Atom Bank, with a rate of 4.75 per cent, which falls to 2.5 per cent in months you withdraw.
Meanwhile, the best two-year fixed rate is with the same bank at 4.44 per cent.
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