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More than half of Premium Bond savers have not won a penny

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More than half of Premium Bond savers have not won a penny

It comes as the current average one-year fixed rate stood at 5.30pc on Monday, according to financial analysts Moneyfacts, and the top accounts offer more than 6pc returns. 

Anna Bowes, of advice site Savings Champion, said: “Premium Bonds are different to normal savings accounts, which is why they remain so popular, especially with higher rate taxpayers, as any prizes won are tax-free. 

“While you are not guaranteed to win a prize on the Premium Bonds, the interest rate applied to the prize fund is now very competitive, so could stop those who were on the brink of taking their money out for a guaranteed return from another bank or building society – in case they win one of the big prizes – especially as there are a greater number of bigger prizes up for grabs.”

Laura Suter, of broker AJ Bell, said many of the smallest accounts had likely been forgotten by savers who had been given the Premium Bonds in early life. 

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She said: “Lots of people are bought Premium Bonds when they are children or later in life as presents, with money sitting in accounts for years. 

“It means that many of these accounts with small figures in them have likely been long forgotten by the account holders – either because they can’t be bothered with the hassle of finding the paperwork to withdraw their small sums or because they have entirely forgotten they have the accounts.” 

Sarah Coles, of broker Hargreaves Lansdown, added: “If you’re holding large sums for long periods of time, and don’t win, your holdings will lose spending power once inflation is taken into account – and at the moment that’s a significant issue.

“It means some people will opt for the steady trickle of interest from a savings account instead. Others, meanwhile, are prepared to take the risk in return for the chance of a win – and the vanishingly small chance of winning a life-changing sum of money.”

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CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

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Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



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Bitcoin options markets reduce risk hedges — Are new range highs in sight?

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Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



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Blockdaemon mulls 2026 IPO: Report

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Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



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SEC asks court for four months to produce documents for Coinbase

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SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



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