In what year was the first UK premium bond purchased?

The first UK premium bond was purchased in 1956. This was a significant event in the history of the UK's National Savings system, which introduced premium bonds as a means of encouraging saving among the public. The concept allows individuals to purchase bonds that enter them into a lottery for a chance to win tax-free prizes rather than earning interest in the traditional sense. This innovative approach was designed to attract savers by providing an exciting alternative to regular savings accounts, where the return is fixed and known ahead of time. The introduction of premium bonds has since become a popular savings option in the UK, evolving into a well-known element of British financial culture.