Last updated: 11 April 2026

Over 24 million people in the UK hold Premium Bonds, making them the nation's most popular savings product. Yet most holders have never compared Chip Prize Saver vs Premium Bonds side by side, and the numbers might surprise you. Around 62% of Premium Bonds holders have never won a single prize, according to data from AJ Bell. The prize fund rate has just dropped to 3.30%, and the odds of winning with each £1 bond have lengthened to 23,000 to 1.

Meanwhile, Chip's Prize Savings Account has been quietly building an alternative: a prize draw savings account that claims 3.5 times better odds than Premium Bonds, with quarterly big prizes reaching £250,000. We are not saying Premium Bonds are bad. They are backed by the Treasury and pay tax-free prizes, which is a genuine advantage. But if you have not compared them to anything in years, this is worth ten minutes of your time.

This article is for informational purposes only and does not constitute financial advice. It is not a recommendation to open, close, or switch any savings or investment product. Always do your own research or consult a qualified financial adviser before making financial decisions. CoolCuration is not authorised by the Financial Conduct Authority. Tax treatment depends on individual circumstances and may change. All product details were verified at the time of writing but may have changed since publication. Always check the provider's website for current terms.

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