Prize Bond Expected Value Calculator
Are prize bonds worth it? Enter your holdings and see the true expected annual return, your odds of winning, and the after-tax reality.
Your Prize Bond Holdings
Prize Structure (per draw)
Frequently Asked Questions
What is the expected value of a prize bond?
The probability-weighted average winnings per bond per draw, annualized. For most denominations it works out to roughly 1–3% per year — far below National Savings profit rates.
Why do people still buy prize bonds?
The lottery thrill plus capital safety: your principal is never at risk, and a tiny chance of a life-changing prize beats a savings account for many savers psychologically.
Is prize money taxed?
Yes — withholding tax applies on prizes: 15% for filers, 30% for non-filers. The calculator shows net-of-tax expected winnings.
How accurate are the winning odds?
Prize amounts and winner counts are official. Total bonds in circulation is not published, so odds use clearly-labeled estimates — treat them as illustrative.