Premium Bonds, the UK’s most popular investment vehicle, have been criticised by a financial expert as “a bad savings account”, except in one specific financial situation.

These government-backed bonds, well-known across the UK, currently offer savers a 4.4% prize rate in their monthly draw. With potential tax-free winnings of up to £1million, it’s no wonder that approximately 24 million people have invested in this NS&I product.

However, financial expert Damien Jordan criticised Premium…