How long Premium Bonds savers will have to wait for a chance to win a £1 million jackpot if they have a 50-50 chance of winning.

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PREMIUM BONDS savers investing £1,000 will have to wait almost 3,500 years for a 50 percent chance of getting this amount back.

To get a 50 percent chance at winning the £1million prize, investors would have to wait 3.2 million years, scientist Andrew Zelin has found. Mr Zelin, who analysed the data for the Family Building Society, said: “Savers need to know the true chance of winning.”

He calculated that someone with £1,000 of Premium Bonds would have to wait two years for a 50-50 chance of winning £25 or 3,466 years for the same shot at £1,000 or 119,256 years for a £10,000 prize.

An investor who ploughed in £15,000 would wait 231 years for an even chance at £1,000 or 7,950 years for £10,000 or 214,661 years to be in with a 50-50 chance of winning £1million.

Someone with the maximum £50,000 stake would still have to wait 60.3 years for an even chance of winning £1,000 or 2,385 years for £10,000 and 64,398 years for the top reward.

Premium Bonds are widely used savings accounts which have been popular with many people across the country since its launch in the 1950s.

National Savings and Investment (NS&I) is backed by the UK Government, so any cash deposited into a Premium Bonds account is 100 percent protected from any harm or fraud.

Through this savings account, Britons are able to deposit and withdraw their hard earned cash at their convenience.

As part of the prize draw, winners of the Premium Bonds cash prizes are announced at the beginning over every month.

NS&I explained to the British public how they can improve their chances of taking home the £1million prize pot.

They suggested that the more someone buys Premium Bonds, the more their chances improve to take home some extra cash.

However, Britons looking to take advantage of this prize draw are encouraged not to invest and buy bonds outside of their financial means.

The minimum investment for Premium Bonds was reduced from £100 to £25 in 2019, and now allows more people a chance of winning.

People can now pay into Premium Bonds with minimum £25, while the maximum amount is £50,000.

Currently, the odds of someone winning a cash prize is 34,500 to one for every individual £1 Premium Bond.

Customers effectively put their cash into a savings account, which enters them into. “Brinkwire Summary News”.

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