Martin Lewis has issued a warning to Premium Bonds savers as their savings rate is ‘nowhere near’ the top-paying accounts.

He explained how the Bonds work on his BBC podcast, as even those who with average luck in the monthly prize draw could miss out on an extra £425 in savings.

Mr Lewis said: “If you’ve got £50,000 in, with typical luck you’re likely to win just a little bit less than the published interest rate.

“If you’ve got far less in, then you’re likely to win with typical luck – and…