Premium Bonds are a type of savings product offered by National Savings and Investments in the UK. Instead of earning interest, bondholders have the chance to win cash prizes in a monthly draw. Each bond costs £1, and individuals can purchase up to £50,000 worth of bonds. The prizes range from £25 to £1 million, and the odds of winning depend on the total number of bonds in the draw. While Premium Bonds do not provide guaranteed returns, they are considered a safe way to save money, as the initial investment is protected and can be withdrawn at any time.