Following the financial crisis of 2008 when a number of big British banks came close to collapsing, the Financial Services Compensation Scheme (FSCS) was strengthened by the government.
The new government-backed savings bond from NS&I is the first savings account which will only be offered online.
With Budget Day set to shift to the autumn as of later this year, the Chancellor has now delivered what is set be the final Spring Budget.
It’s not hard to see that what Premium Bonds offer is closer to a lottery ticket than a viable investment opportunity.
Amongst a generally gloomy Autumn Statement, the Chancellor offered a ray of light to those seeking better returns on their nest egg,
The first premium bond was sold on 1st November 1956, with £5 million worth of premium bonds sold on the first day alone.