Premium Bonds
Premium Bonds are a form of tax-free investment run by National Savings.
When you buy a £1 bond (or bonds), you will be entered into a monthly 'lottery' with the chance of winning £1m or a range of smaller prizes.
You can cash in your bonds for their original price at any time, and can reinvest any winnings into more bonds.
They are a relatively safe form of investment as you are not risking your capital, but there is no guarantee of any return, and your capital will be eroded by inflation if you don't win any prizes.
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