Premium Bonds Have Come Under Fire From Various Groups
Some religious groups find this is a way to gamble. Most protestant worshippers think that lottery or any other money for chance activities is prohibited by the Bible. What they do not know that you can't lose money in the premium bond market, you only invest. If you win a cash prize fine, otherwise you can take your money and cash in the bonds with no penalty. The cash prize just adds the element of gambling to savings with the chance that you will forfeit your original investment. The random picking of the bond numbers is just making the activity fairer to all investors.
In the Bible there is no direct instruction not to gamble. In the Ten Commandments, thou shall not covet, is mentioned, but this could be interpreted as coveting another man's wife or property. The idea that money is coveted could be listed with the seven deadly sins of greed, but is the hope for a brighter future a sin. Premium bonds offer the saver a safe place for their money and a hope for money. There is nothing malicious about it. Even some of the money used by the government who sponsors the premium bonds goes to charitable organizations.
Even if it is not religiously oriented, there is a strong moral objection to gambling. There are some people that go over board when they are at a casino or playing the lottery, but premium bonds do not let you do that. You are not going to lose money. The money you put in will be able to be collected back anytime you want. The winnings are an interest given out randomly with no chance of your losing the investment. It is not gambling. It is a different way to accrue your interest in a exciting way. Why get the meager interest rates offered by the traditional financial savings plan? You have the chance of making thousand percents on your original money.
If you are now swayed from your belief that premium bonds are a system of gambling, you can purchase the bonds at your local post office and start a savings account that could make you a rich person. Even if you don't become another Bill Gates you might get a couple of cash prizes that will be more than the three to four percent interest you receive in the traditional savings programs.
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