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Agree with above, no risk, no loss. I've had money in them for less than a year but I've already won prizes that equate to more than any interest rates on savings accounts.
Yes no loosing money, but some chances to gain, I would look at ISA junior accounts, I think highest saving rate is with Coventry building society, also junior ISA stocks and shares, even friends and family can make deposits, also junior SIIP pension, where the government tops up 20%, all has restrictions and involve life admin to get set up, but once it's done, you can keep topping up, very keen if to hear of others use other financial products, ta
@Lilli wawoooo, it sounds better than I thought it is. Do you think the amount of money you save increases your chance of being one of the lucky winner. I make monthly contributions to my daughters savings account and I feel it is just lying useless there
Yeah, it does, but still you could have £100 in there and win a big prize. I put the original amount and then I put in an extra £100 per month. I've won about £200 in prizes since February when I first got premium bonds. My prizes so far work out to be nearly 5% of my savings.
Thanks for your contributions! Can anyone help with how to go about starting an account. I downloaded the app but can't login and on the Internet there seem to be to many types. I just want something simple for saving and I am able to take out the money anytime as I am looking at leaving the UK in the future
Premium bonds are great, no loss and the chance of free money! Lol