FT says:
"Investors have flocked to premium bonds since the start of the coronavirus pandemic, as they struggle to find competitive interest rates for their savings amid volatile markets.
More than £1.6bn went into premium bonds in May, the biggest monthly increase since 2006. A record £91bn is now held in the bonds, according to National Savings & Investments, the state-owned savings provider.
The surge comes at a time when savers have been hammered by record-low interest rates, which have made it more difficult to beat inflation. As consumer spending fell under lockdown, some Britons found themselves with extra cash on hand"
“NS&I attracted plenty of love in a time of coronavirus,” said Sarah Coles, personal finance analyst at investment platform Hargreaves Lansdown. “Easy access accounts from the vast majority of the high street banks are downright terrible. If you’re being offered 0.01 per cent, it’s no wonder they’re put off the idea of savings accounts.”
