Money Saving Expert founder Martin Lewis told This Morning viewers that unless they are “very lucky” Britons are better off putting their savings in a savings account. He also recommended which savings accounts were the best.
NS&I Premium Bonds savings accounts have been popular since the 1950s, but some experts say it’s time for Brits to end their love affair with them.
A caller named Patricia called This Morning to ask, “Is it now time to get rid of premium bonds?
She told presenters Philip Schofield and Rochelle Humes: ‘I have the maximum of £50,000 and have only made £50 in the last three months.
In response, financial journalist Martin Lewis said: “The Premium Bond price fund rate is currently 1%.”
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“If you have average luck – in fact, you have to be very, very lucky right now for premium bonds to beat the best savings accounts out there.
“You would have to have a very, very good chance.
“Of course there’s always a chance you’ll make a million – but for most people – unless you pay tax on savings, which most people don’t have to anymore. , you’re better off with savings.”
NS&I Premium Bonds are popular with some Britons as they offer the chance to win a £1m jackpot each month.
