Premium Bonds are paying out a dismal prize rate. Unsurprisingly, savers voted with their feet when the rate fell from 3.6 pc to 3.3 pc last month. Nearly £100million was taken out of the bonds in April.
The 3.3 pc rate – its lowest rate for three years – is well below the average savings rate. The rate looks even worse when held up against the 4.25 pc you can earn on an easy-access, tax-free cash Isa.
But you might want to think twice before cashing out any more because my gut instinct is the prize fund rate is about to start
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