Are premium bonds still a good place for your savings — or just a nostalgic gamble? In this episode of The Money Mentor, David Braithwaite breaks down exactly how premium bonds work, their pros and cons, and what’s changed since they were first introduced nearly 70 years ago.
David explains how these government-backed savings bonds offer the chance to win monthly tax-free prizes — from £25 to £1 million — while keeping your capital safe. But with odds now at around 1 in 22,000, are they still a smart choice? He also reveals that Kent ranks second in the UK for premium bond wins, yet more than £2.5 million in prizes remain unclaimed — including one £50,000 prize dating back to 2007.
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Plus, David answers a listener’s question about Lifetime ISAs, how they work, and how you could get a 25% government bonus towards your first home or retirement.
Listen above to find out if premium bonds could be right for you — and whether you might have an unclaimed prize waiting.
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