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Yep went through similar situation.. the only thing that keeps you held into premium bond is a chance of the big win...which in reality is very small, so much so that you'd be better off spending the interest from a decent savings account on scratch cards and lottery tickets.
On the other hand long term drip feeding into a low cost index track yields amazing results given the miracle of reinvestment and compound returns.
wildwest
I once had about £20k in Premium Bonds. That was all my savings. I won a few times but only £25 a time. Overall effective interest rate was pretty poor. Its not great. I keep £100 in now, just in case. Thats now £125 thanks to another win. I've also had £5 worth since I was born (late seventies - its never won anything).
The rest is now in Index Trackers and similar. I've done the same for my son.