As ERNIE the Premium Bonds winning number generator celebrates awarding 250 million prizes it hopes to set the record straight on myths surrounding the prize draw.
The NS&I points out that one £1m winner had just £17 in Premium Bonds, so it is not true that winners have to have more than £30,000 invested to win the jackpot.
Each ticket has the same chance of winning irrespective of when it was bought, and it is not true that only Bonds from the South East win – it is just that more Bonds are owned by players in that part of the country.
However, it is true that the prize fund grows as more people buy Bonds, so the chances of winning stay the same no matter how many people invest.
ERNIE has distributed more than £13.9 billion worth of prizes in a total of 660 draws.
It has created 269 Premium Bonds millionaires, since the £1million jackpot prize was first introduced in 1994, a long way from the top prize of £1,000 in June 1957.
The landmark 250 millionth prize was won by a London man who owns £25,750 worth of Premium Bonds in total.