Premium Bonds are a good alternative to gambling on the lottery or putting bets on. It is a saving scheme where instead of getting interest on your money you are entered into a monthly draw with a top prize of £1 million, and many smaller cash prizes.
The bonds are backed by HM Treasury, and have been popular for decades now. One downside is over time the money you have in bonds can reduce in value due to inflation, and the fact the money receives no interest. However, this does not take into account you might win money along the way which can be invested into more bonds, increasing your chance of winning further.
So, although your money might slowly reduce in value, if you have no luck, at least you won't lose the lot like you do with the lottery and betting if you don't win. You can also cash in the bonds at anytime.
The minimum investment is £100 the maximum is £30,000 and anyone over 16 can buy them. They can also be bought by parents, guardians and grandparents for children under 16.
You can apply for premium bonds at your post office, by phone or online. Full details here;
http://www.nsandi.com/savings-premium-bonds
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