Diploma for Financial Advisers
Diploma in Accounting
Member of London Institute of Banking and Finance

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Premium Bonds, offered by National Savings and Investments (NS&I), are a popular savings product in the UK where your savings enter you into a monthly prize draw instead of earning regular interest. You can invest between £25 and £50,000, and prizes range from £25 to £1 million, tax-free.

Pros:

Tax-free Prizes: Unlike interest from savings accounts, all winnings are tax-free.
Security: Backed by the UK government, making them very secure.
Chance to Win Big: Potential to win substantial amounts, including £1 million.

Cons:

No Guaranteed Return: There’s no guaranteed interest, and you might earn nothing.
Inflation Impact: Money held in Premium Bonds may lose value over time due to inflation.
Odds of Winning: The odds of winning any prize per £1 bond is 24,000 to 1, so consistent returns are unlikely.

Are Premium Bonds worth it ?
Premium bonds can be worth it if you like the idea of a risk-free flutter with the chance of big tax-free prizes. However, if you want reliable returns or need your savings to grow, a high-interest savings account or ISA might be a better choice.

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