The following is purely my opinion rather than financial advice
Premium Bonds are old school non-starters these days and you'll be better off investing in cryptocurrencies like Bitcoin and Etherum right now.
Why? The world's banking system has been set to fail since 1971 when Nixon 'temporarily' suspended the US Dollar being backed by the value of Gold. Now, fiat currencies are suffering from hidden hyperinflation where the US is printing money like no tomorrow keeping the world economy afloat.
Where Bitcoin is different is that there will only ever be 21 million Bitcoin ever created which means it has scarcity. It's a really new innovation at just over 12 years old, so it's really young and still developing scaling use cases. However, within 12 years, it's gone through 2 halving events and halfway through it's third but scaled from 1 Bitcoin being worth less than $1 to 1 BTC currently floating around $50,000. If it continues at the rate of growth demonstrated over the last decade, arguably, 1 BTC will be worth $100 billion. Whether or not it will reach that sort of value is unknown and seems absolutely insane but if someone said to Bitcoin investors that 1 bitcoin back then worth less than $1 would be worth around $50k, you'd have been laughed at...
Where will this bull run end? There are plenty that are predicting various numbers from $100k to $1.2million, personally, I think the maximum ceiling to be somewhere around $250k per BTC before the end of October. But a word of warning, cryptocurrencies are volatile. In January, Bitcoin doubled in value from $20k to $40 within 30 days then dropped 30% before pumping up to $57k before another 30% retracement. Next leg up technical target I'd set a target of $74k before another 30% retracement and then go at least once more, up to three times more, before seeing a 60-80% retracement. This is completely normal over it's 3-4 year cycle.
That said, I bought at the bottom of the coronavirus dump back in March and quadrupled my investment. If you want to trade in crypto assets, give me a shout and I'll dig out a referral link for the exchange I recommend
If you want exposure to Bitcoin but not directly holding the asset, I'd recommend investing in companies via a Stocks and Shares ISA that directly own Bitcoin.
Tesla recently invested 7% of their cash reserves into Bitcoin that represents a $1.5 billion investment, currently 30% down since they invested as it correlates with Bitcoin.
Microstrategy ($MSTR) has invested to date $1.3billion and holds 90,000 Bitcoin in its treasury and recently closed a fundraise of just over $1 billion to purchase even more Bitcoin..
PayPal kicked off the current bullrun by announcing PayPal customers will be able to buy, sell, hold Bitcoin in PayPal wallets (although you are merely borrowing PayPal's owned Bitcoin within it's closed payment network) - as a result, PayPal's company value has doubled since it's announcement last October.
Square Inc (owned by the same CEO as Twitter) has also experienced massive growth. This list of companies diversifying their assets into Bitcoin will continue over the years and even in this bullrun.
It's a question of WHEN will Apple buy and copy PayPal's business model, not if... If they haven't already started buying?
Argo Blockchain (a crypto mining company) is a cracking buy at the moment in a Stocks and Shares ISA. I've trebled my investment within 30 days and currently consolidating above £2 a share. If Bitcoin continues to pump upwards, I'm setting a target of £10 a share before the end of September.
If you wanted to open a Stocks and Shares ISA, I'd fully recommend Freetrade. It starts from £3 a month and can get exposure to more risky investment stocks (like Crypto companies) for £9.99 a month. No trading fees, no limit to how many times you can trade in and out of shares. If you use this link when signing up, we'll both get a free share in something random worth up to £18 or something like that.
https://magic.freetrade.io/join/thomas/c852ec85Sorry for the long post but this has sadly been my hobby through Covid hahaha