Premium Bonds - ERNIE - Random Numbers

Win every month - £25 or £50

Me too but I've not had a £50 for ages, and those £1 million ones are not coming up as often as Id like either. I think I'd settle for not getting one or two £25 prizes every month if it meant getting a £1 million one every 6 months or so.

Me too but I've not had a £50 for ages, and those £1 million ones are not coming up as often as Id like either. I think I'd settle for not getting one or two £25 prizes every month if it meant getting a £1 million one every 6 months or so.

Not surprising - for a while now, interest rates used to calculate the prizes have been close to zero - if you have fewer than about 1500 bonds, you'd be lucky to win anything in a year. Each bond has a one in 26,000 chance of winning any prize and a one in 26 billion of winning the top prize each month

Check your chances here

---------- Post added 08-02-2016 at 10:03 ----------

Win every month - £25 or £50

Guessing you have around £30,000 worth?

Will you marry me?

An old work colleague of mine and his wife each had the maximum then allowed - £30k? - and it was rare that one of them didn't win something, literally every month.

Usually small amounts, but better than the interest they would get in any account or ISA.

I think alot of people in the finance industry do that too, plus isn't the winnings counted as gambling so it's tax free??

Good luck to everyone waiting for the big win! My question hasnt been fully explained, I get the reference to the letters and numbers, so thank you Janus for that, but just how does it select the winning bond number, randomly, when all the numbers are differing digit lengths, the only thing I can think of is that all numbers generated will be x length and can consist of 0's so that they all have equal chance of winning. It isnt explained in the NS&I bumf.

Good luck to everyone waiting for the big win! My question hasnt been fully explained, I get the reference to the letters and numbers, so thank you Janus for that, but just how does it select the winning bond number, randomly, when all the numbers are differing digit lengths, the only thing I can think of is that all numbers generated will be x length and can consist of 0's so that they all have equal chance of winning. It isnt explained in the NS&I bumf.

Are you expecting it to pick a number or letter as a first figure, then another as the second etc etc, in which case the length and layout of the number will matter? However, if it just (electronically) puts all the bonds in a big drum and picks one out, much like with paper raffle tickets, then it doesn't matter what form the bond number takes.

I imagine it would have to be the latter, otherwise it would be difficult to take existing numbers out of the system when someone cashes in their bonds, as well as the problem regarding the layout of the number that you raised.

The only way to guarantee a winner and only one winner is to put all the tickets in a drum (or equivalent) and draw one out. if you draw out numbers sequentially, like in the lottery, then the format of all the tickets has to be the same. Also, there is the risk of multiple winners or no winners at all, just like in the lottery.

I think alot of people in the finance industry do that too, plus isn't the winnings counted as gambling so it's tax free??

Yes, I think you're right....plus, as far as I know, it's the only gamble where you can get your stake back if/when you cash them in.

No!...., thats why I dont understand.....ERNIE is an Electronic Random Number Indicator and according to the NS & I web site, generates numbers completely at random, no matter how long. So every Bond number, whether it has 8, 9, 10 or 11 digits has a separate and equal chance of winning a prize., I just dont see how considering the letters and numbers and length of differing bond numbers and there isnt an explanation on the web site, other than each month it is audited prior to the draw taking place, ERNIE generates these random numbers and then they are matched to bond numbers.....HOW?????

No!...., thats why I dont understand.....ERNIE is an Electronic Random Number Indicator and according to the NS & I web site, generates numbers completely at random, no matter how long. So every Bond number, whether it has 8, 9, 10 or 11 digits has a separate and equal chance of winning a prize., I just dont see how considering the letters and numbers and length of differing bond numbers and there isnt an explanation on the web site, other than each month it is audited prior to the draw taking place, ERNIE generates these random numbers and then they are matched to bond numbers.....HOW?????

Is it like the lottery where each seperate number/letter is selected or is it like a raffle where the whole ticket is selected? I would have thought the second one 'cos otherwise it could select numbers that haven't been sold (just like the lottery)

That Tw*t Ozbourne screwed everyone even more by adding an extra single one million pound prize when I think the majority of people would have preferred there to be an extra 20000 £50 prizes.

I win something considerably less often then I used to since the changes. It is still slightly better than .05% interest from the bank but not much.

That Tw*t Ozbourne screwed everyone even more by adding an extra single one million pound prize when I think the majority of people would have preferred there to be an extra 20000 £50 prizes.

 

I win something considerably less often then I used to since the changes. It is still slightly better than .05% interest from the bank but not much.

Unless of course you are the person who wins that second one million pound draw?