NS&I offer secure saving and investment options that are backed by HM Treasury and therefore are one of the safest places to store your cash. So safe in fact that NS&I reports they have £147 billion of money invested over 25 million customers.
When you invest in NS&I products, such as premium bonds, you are lending money to the government. The rewards are offered in interest and prizes.
One of the main draws of premium bonds are the prizes that can be won, ranging from £25 to £1 million all completely tax free. Each £1 bond enters the prize draw at 24,500 to 1 odds, so the more bonds you have, the more likely you are to win. There is however a maximum holding of £50,000.00 per person, but the annual prize fund interest rate is 1.40% which is reasonably high in the current climate.
Whilst the bonds don’t provide regular or guaranteed income, ask your friends and family to see how much they’ve won as these are one of the most popular saving utensils.
Take a look around the NS&I website for more information about their different savings products.