Premium Bonds are a saving account with added excitement. Instead of earning interest on your savings, you get the chance to win tax-free cash prizes every month. You might win a million pounds – or you might win nothing at all. However, unlike a lottery, you can always get your savings back. It’s worth noting that the Premium Bond rate is set to be cut in December 2020 which will affect your chance of winning.
Picking the right children’s savings account isn’t just a matter of spotting the highest interest rate. There’s a bewildering range of options, so first you’ll need to think about what you want from a savings account. Here we break down the basics for you.