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NS&I brings back ‘popular’ savings option and increases rates of interest for 500,000 savers | Personal Finance | Finance

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Laura Suter, head of non-public finance at AJ Bell, warned savers they need to “have a look at the small print” before investing in Premium Bonds as a saving option.

She explained: “Your odds of truly winning a prize haven’t improved and remain at 24,000 to at least one for every £1 bond you hold.

“But when you do win a prize you’re more prone to win a much bigger sum, because the prize fund has been boosted.

“While plenty of individuals are drawn in by the Government-backing and the tax-free nature of Premium Bonds, the vast majority of people would likely be higher off choosing a typical savings account and getting a guaranteed interest.

“The highest easy-access savings account currently pays three percent but you possibly can get more interest with fixed and spot accounts.”

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