NS&I has
explained a two-day rule for Premium Bonds customers to note.
NS&I has explained a two-day rule for Premium Bonds customers to note.
National Savings and Investments has spoken out over Premium Bonds prizes being paid into the wrong bank accounts. NS&I has explained a two-day rule for Premium Bonds customers to note.
One concerned Bond holder contacted NS&I to ask for help as they had won a prize in the monthly draw, but this had been “sent to an old bank account”. They asked how they could get the issue resolved.
An NS&I spokesperson said: “Customers can update their bank account details online or by calling NS&I. If a customer has not received a prize payment into their bank account, we can request a BACS trace to help establish whether the payment has been returned or whether the customer’s bank needs to trace the funds.”
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NS&I urged customers to ensure their bank account details are “up to date” so any prize payments go to the right place.
Premium Bonds don’t earn interest. Instead, there’s an annual prize fund rate that funds a monthly prize draw for tax-free prizes. Remember that inflation can reduce the true value of your money over time.
The prize fund rate is variable so it can change at any time. For example, before new Bonds become eligible for their first draw.
NS&I says: “If you have an NS&I Direct Saver, you can apply online for Premium Bonds and pay for it from your Direct Saver.
“If you want to use another NS&I account, just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.”
It adds: “We pay out millions of prizes every month to lucky Bond holders, whose numbers are generated by our random-number generator, ERNIE.
“Every £1 Bond entered into the prize draw has the same odds of winning, but the more Bonds you buy, the more chances you’ll have to win.
“The prize fund rate, prize values, odds of winning and the way we allocate the number of prizes of each value are all variable, so they can change at any time. For example, before new Bonds become eligible for their first draw.
“Prizes range from £25 to £1 million and are all tax-free.”