Premium bonds – are they worth it?

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NS&I Premium Bonds is a form of savings account in which you can put money (and you can take out anytime you want), the interest credited is in the way of a monthly draw. When you buy £1 bond, each of them has equal possibility of winning, so you can increase your chances of winning by buying more bonds.   Premium bonds have been considered one of the best ways of saving money in the UK – with about 20 million users saving about £80 billion.

Who can buy premium bonds?
You need to be aged of 16 and above. However, a parent can buy it as a form of gift for his/her child below the age of 16.

How do premium bonds work?
It works by investing some cash to buy a certain number of bonds – for instance, if you invest the minimum of £25 worth of cash, you will receive 25 bonds. Every bond number you own has a chance of winning as much as a million, but you must ensure you hold it for a month in order for it to be included for the draw. Buying more bonds ticket will increase you odds of winning prizes each month!

You can check if you have a winning ticker by inputting your number on the premium bond checker – you should be aware that draws are being made on the first few days of every month, and results are usually posted on the website third of that month.

Are Premium bonds worth it?
Everyone has their opinion with regards to using premium bonds as a means of saving money or investing. The possibility of winning higher prizes is higher compared to that of national lottery. You can also accrue small prizes to build and boost your chances. If you consider yourself to be someone who loves to win more money, premium bonds might be a good choice for you, but be aware that you might not be making your desired money anytime soon!

In conclusion, the government supports premium bonds, so you should always be rest assured that your money is secured when you invest with them, but the probability of winning large amounts of money is low. Joining premium bond could be the best decisions you’ve ever made if you win a significant amount. Fingers crossed!

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