A present for a grandchild, a gift for a loved one – are prize bonds still good value?

A long-time favourite of many, they are a viable option for short-term savings

Wins are tax free, your money is guaranteed, and you won’t do much better in a bank. Photo: Getty Images

Sinead Ryan

There’s no (April) fool like an old fool, the saying goes, and for savers who have been foolish enough to want to keep their money securely on deposit, they know now only too well the effects of inflation and bottom-scraping interest rates.