Martin Lewis sends message to anyone buying NS&I Premium Bonds for children

manchestereveningnews.co.uk:

Martin Lewis has suggested that purchasing Premium Bonds for children may not be the best present this Christmas. Savings platform NS&I, which is backed by the Treasury, offers tax-free cash prizes each month worth between £25 and £1 million.

Children under 16 are allowed to hold Premium Bonds worth up to £50,000, making them a popular gift for youngsters. However, money saving expert Mr Lewis has questioned why so many parents buy Premium Bonds for their children when most will never win anything.

Speaking on This Morning on ITV, Mr Lewis said he was "not a fan" of giving Premium Bonds to children and explained that regular savings accounts may be better. READ MORE: Martin Lewis issues warning to Christmas shoppers over rule that 'most get wrong' Mr Lewis said unless you have a lot of money saved in Premium Bonds, or you pay tax on your savings, Premium Bonds may not be worth it.

The finance expert was asked by a mother of triplets whether Premium Bonds would be a good option for saving for her children.