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One group of Premium Bonds savers has been told to ditch National Savings and Investments (NS&I) accounts because the savings method may not be right for them. Premium Bonds holders have been warned can go many months or even years without winning a prize.

Ian Futcher, financial planner at wealth firm Quilter , said: "Premium Bonds continue to hold strong appeal for many savers. While the odds of a big win are slim, the security of their capital and the thrill of potentially winning a tax-free prize each month is enough of a draw for many who hold them."

He said that Premium Bonds may suit people later in life who want a secure place to hold their cash. Mr Futcher said: "For those focused on growing their savings, especially younger people with a longer investment horizon

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