Premium Bond rate boosted from 1.15% to 1.4% – should you pile in?

They’re Britain’s favourite savings product. The 21 million people with just over £70 billion saved in Premium Bonds will be delighted to hear that in under a fortnight’s time, the prize fund will increase from 1.15% to 1.4% – so your chance of winning per £1 bond will improve from 1 in 30,000 to 1 in 24,000.

And that rate is higher than the top easy-access savings account at 1.32%. So, should you simply pile in – after all, what could be safer than tax-free Premium Bonds? Well, here are four things you need to know before making that decision…

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