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Ben Rogers, chartered financial planner at Equilibrium Financial Planning, agrees.
He said: “Premium Bonds are generally unable to keep up with inflation, meaning that unless you win a big prize, your money will be losing value in real terms, particularly in the current climate.
“Premium Bonds could be used to hold some money for the short-term, in order to pay a looming bill, for example.
“They are not worthwhile for those looking to hold large amounts of money for an extended period of time.”
