💰 Wondering how to make the most of your savings? Martin Lewis has a tip you won’t want to miss! A fan recently reached out for advice on saving smartly for her kids, and Martin didn’t hold back. She’d already maxed out the kids’ junior ISAs and put £1,500 in Premium Bonds, hoping for tax-free growth. But here’s the kicker: with those Premium Bonds, the chances of winning big are slim!
Martin pointed out that, while Premium Bonds are cool for dodging tax on winnings, the realistic returns could be nada. With those odds, it might be better to pop that £1,500 into a Nationwide Flex Saver or Halifax Regular Saver, which could bring in a juicy 5% interest—hello, extra £75 a year! 🎉
Premium Bonds are rewarding tax-free earnings, yes, but with typical luck, you’re more likely to bag small sums like £25 to £50. So, even with the occasional win, a fixed-rate savings account might just be the better bang for your buck! 💡
Want to ensure your savings grow? Consider all your options, and don’t be too swayed by avoiding tax. Instead, aim for higher returns. Make your money work harder! 🏦💸
Got other saving tips? Share them in the comments!👇