Mr Lawson believes NS&I Premium Bonds are no longer a good investment.
He points out that if savers who bought the maximum £50,000 in Premium Bonds 25 years ago had instead invested in a basket of global equities, they would now have a pot worth £418,938.
Mr Lawson said: “Ask any financial planner if Premium Bonds are a good investment, and you would get a resounding ‘no’.
“Despite being closer to cash than an investment, there are many people holding large amounts of money in them, often for decades at a time.
