Martin Lewis advises against children’s savings in Premium Bonds
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Premium Bonds September 2021 winners were revealed today and among them were two lucky winners of £50,000 a piece. What’s unusual is that both of the winners only purchased their Bonds in May and June this year – a classic tale of ‘beginners luck’.
Lucky winners can win up to £1million in prize money when they invest in Premium Bonds through Government- backed savings provider NS&I, with winners announced every month.
And although participants can win at any time, the winners of the Bonds purchased in Hertfordshire in May and Plymouth in June, will no doubt be over the moon that their bets turned lucky so quickly.
In just a few short months they’ve seen a huge return on their investment.
And there are still £100,000 in prizes up for grabs – customers can check their Premium Bond numbers on the website or app, the service will be fully updated with September’s winnings by tomorrow, September 2, 2021.
Some Premium Bond Winners only invested recently (Image: Getty)
NS&I also made two new millionaires today when it announced the winners of its £1million jackpots.
These were a male from Shropshire who won with a bond purchased in October 2006 and a woman from Bristol with her winning bond purchase made in October 2003.
Millions of pounds in prizes are available every month and there are still prizes of up to £100,000 up for grabs.
Participants hoping for their stake should check their Premium Bonds via the NS&I’s prize checker on its website or on its app.
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Every £1 Bond number has an equal chance of winning no matter when or where it was bought.
Premium Bonds could be an attractive option for savers who have seen interest rates on their savings accounts dip during the pandemic.
However, on his Money Saving Expert website, Martin Lewis said when it comes to these investments, the odds can actually be against savers.
He said: “Premium Bonds are all about your mentality. They do protect your cash, so even if the returns don’t look like a good bet, it’s fine to put a non-significant portion of your money in them, provided you’re aware it’s more for fun than returns.”
What are the best and worst places to retire? (Image: Getty)
The benefits of this type of account are that they allow savers to withdraw and deposit money whenever they want.
As NS&I is backed by the Government, deposits with Premium Bonds are protected.
People can win anything from £25,000 up to £1million and winners are announced every month.
Yet, it is worth noting savers may be able to secure a better interest rate by looking at other providers.
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Meanwhile, Premium Bonds customers are being urged to go digital as it’s much safer than getting a cheque through the post.
NS&I already pays nine out of ten prizes straight to customers’ bank accounts, or by reinvesting into more Bonds, and is now encouraging the remainder of its customers to do the same.
An NS&I spokesperson said: “Because of this, we had planned to phase out prize cheques completely, but we’re not going to do that now.
“However, if you do still receive Premium Bonds prizes as a cheque in the post, why not switch to a better way?”