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Premium Bonds holders have been encouraged to check over their finances. Despite the prize rate being slashed multiple times this year, the savings scheme remains a popular choice.

The rate was reduced in January, April and August, and now stands at 3.6 percent. The chances of winning for each £1 Bond currently stand at 22,000 to one.

Prizes vary from £25 up to the £1million jackpot, but the reality is that you can go many months or even years without bagging a prize. Aaron Peake, a personal finance expert from free credit score service CredAbility, encouraged Bond holders to think through their options.

It may be worth moving your savings

He pointed to a key principle that customers should remember: "If you've gone a year or more without any wins, it might be time to revie

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