It's got easier to win big on the Premium Bonds but should you invest?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 21 April 2023
⏱️ 51 minutes
🧾️ Download transcript
Summary
But now interest rates are on the rise and Premium Bonds offer not only the chance to win £1million but also a much better rate of return.
The average prize fund rate on Premium Bonds has reached the heady heights of 3.3 per cent - going head-to-head with top easy access savings deals.
But what many savers may not realise is that their chance of winning a big prize of £100,000 or £50,000 has got much better too.
So, is it time to back Premium Bonds even further, or would you be better off with a standard savings account? On this week's podcast, Georgie Frost, Sam Barker and Simon Lambert look at the numbers and the pros and cons.
Plus, an even better return of up to 4.6 per cent is offered now by five year fixed rate savings accounts, but are they worth going for and choosing over stocks and shares?
This week brought yet more news of annoyingly high inflation, as CPI stubbornly stuck above 10 per cent, but why are food prices still rising so rapidly, are supermarkets or producers cashing in, and what can you do about it?
And finally, supermarkets have a new loyalty card wheeze - lower prices for those with them and more expensive groceries for those without. Sainsbury's Nectar Prices has followed Tesco's Clubcard Prices and now the Co-op has member prices too.
Is this enough to change Simon's mind on loyalty cards?
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and editor Simon Lambert today is personal finance editor Sam Barker. |
| 0:09.3 | And coming up, Britain's most popular savings product, the humble premium bond, makes major changes. |
| 0:15.2 | Find out your chances of being a millionaire. |
| 0:17.9 | Plus, should wealthier savers lock their money away for five years now, ahead of |
| 0:22.1 | rates falling. Also today, inflation remains in double digits leading to speculation that interest |
| 0:27.3 | rates could peak at 5%. It is the Bank of England's money printing spree to blame for all of this. |
| 0:34.2 | Petro prices are falling, but the cost of our food shop, that's hitting us hard. And it's |
| 0:39.2 | the supermarket's budget ranges that are soaring up by as much as 80% in a year. Why are prices |
| 0:45.9 | so high? When will they fall? Plus, nectar versus club card, Stainsbury's take on Tesco in the |
| 0:53.2 | loyalty card wall. |
| 0:54.8 | Don't be getting stuff to date with all the latest breaking money news just to go to this ismoney.com. |
| 0:58.7 | Dot UK or download the app. |
| 1:01.4 | Don't forget. |
| 1:02.2 | You can stay on top of what's going on in the markets by tuning in to the Digest and Invest |
| 1:05.8 | Podcast by Itaro. |
| 1:07.0 | Go to your regular podcast platform and listen on the go. |
| 1:09.7 | Digest and Invest by Itoro, the podcast for those interested in trading and investing. |
| 1:14.1 | But first, more than 66 years after their launch, premium bonds are easily the most popular |
| 1:19.1 | savings deal in Britain. |
| 1:20.6 | Almost 22.4 million of us will enter the monthly prize draw, a third of the entire UK population. And in the past year, |
| 1:29.4 | two big changes by NS&I gave savers even more reason to invest. That's despite plenty of |
| 1:34.5 | competition from savings rates, finally rising at banks and building societies. But what really |
... |
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