The money saving expert discussed the topic in his latest podcast
The money saving expert has debunked what he described as a 'complete urban myth' around which premium bonds are the most likely to win. Premium bonds, which he described as an "incredibly popular" form of savings, were a topic of conversation of Mr Lewis's latest podcast, which is available on BBC Sounds.
However, the interest that you get on your savings is determined by a prize draw. Mr Lewis explained: "Each individual bond goes into a prize draw and has a chance of winning an amount of money, from £25 up to a million pounds. And that's what dictates the interest that you get. So your interest is a gamble, but your money is totally safe."
Debunking the common misconception, he explained: "Every bond has the same chance of winning in the prize draw as every other bond. The reason more new bonds win is because there are more new bonds.
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