Even though we've had some of the best savings rates in years, Premium Bonds remain popular. Even though there's no guarantee in what you could win, people hope they might get lucky and net big prizes - especially if they have a lot of cash invested.
To get an idea of how that pans out, I asked three people with the maximum £50,000 saved what they won in a year. Though your own situation will differ, it's a great way to understand what your chances are.
CHECK OUT THE BEST SAVINGS ACCOUNTS
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W A T C H N E X T
Fixed-rate savings: should you lock in?
https://youtu.be/kWggg3v1omI
#premiumbonds #saving #moneysaving
TIME STAMPS
00:00 3 people, 50k, 1 year - who will win BIG
01:07 How they did last year
02:30 Saver 1's results
03:38 Saver 2's results
04:26 Saver 3's results
05:54 There are no guarantees with Premium Bonds
07:32 How the returns compare to savings accounts
09:06 Tax on savings vs tax free Premium Bonds
10:07 Combining Premium Bonds, ISAs and savings
MORE
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.