Premium Bonds: Britons can improve odds of winning NS&I’s £1million prize

She added: “It’s worth knowing the chances of a win too. While the chance of any win at all with a £1 bond is 24,500, in May, the chances of winning £1 million were 1 in 58.91 billion – which is vanishingly small.

“Even after the prize rate changes, there will still only be two million pound prizes, so the odds of winning a million haven’t improved.

“In fact as more people buy more bonds, unless the number of million pound prizes increases, the odds will get worse.”

For September, one of the two jackpot winners held £50,000 in Premium Bonds and purchased the winning bond in August 2020.