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Not mad, no. It's safe, it's all manageable online and paper free if that's your bag, you can set prizes up to auto-reinvest to grow your hoard. As others have said it's not instant access. Takes a few working days so you'd be wise to keep some cash instantly available.
Plus you could win a million... In reality you can expect the equivalent of a low (1%) interest rate.
Arducius
Am I mad to put create an emergency fund in premium bonds? I've got 3 months worth in my current account just sitting there I can move, but undecided on that or an easy access account somewhere...