Martin Lewis debunks 'complete urban myth' around winning NS&I Premium Bonds

manchestereveningnews.co.uk:

Martin Lewis has sent an important message to anyone who has NS&I Premium Bonds. The money saving expert has debunked what he described as a 'complete urban myth' around which premium bonds are the most likely to win.

Premium bonds, which he described as an "incredibly popular" form of savings, were a topic of conversation of Mr Lewis's latest podcast, which is available on BBC Sounds.

Starting the segment with an explanation of what premium bonds are and how they work, Mr Lewis told listeners: "Premium bonds are a form of saving operated by NS&I that used to be known as National Savings, which is the government owned financial institution." READ MORE: DWP could pay £25 to eligible Manchester postcodes next week as cold snap hits He explained that having savings with NS&I is "as safe as it gets" because they are "totally backed up".

He elaborated: "Every penny you've got in there is backed up by the government. The only way you could have a problem is if the government went bust - then we'd all have bigger problems." Mr Lewis explained that the capital you put in is safe. "In other words, you're always at worst going to get your money back," he said.