NS&I recently made some big changes to Premium Bonds and one expert advised doing this to make sure ‘nothing wrong’
Premium Bonds holders may want to check their account details(Image: Getty)
Premium Bonds holders are being encouraged to check their online accounts. The word of warning comes after NS&I recently brought in key changes to the savings scheme.
The monthly Premium Bonds draw, held at the beginning of each month, offers substantial cash prizes to lucky savers. Top prizes available include two £1million jackpots, alongside numerous awards of £100,000, £50,000 and £10,000. That said, the overwhelming majority of prizes are smaller sums of £25 or £50. Keeping your personal information up to date is crucial, as outdated details could mean missing out on winnings you’re entitled to.
Tim Grimsditch, managing director at financial advice group Unbiased, offered some advice for those whose prizes haven’t materialised. He explained: “If you believe you have won a prize from this month’s Premium Bonds draw but you have not yet received it, there are several straightforward checks to make before assuming something has gone wrong.”
Check your details are up to date
One basic step he recommended is double checking that all your information is accurate. He stressed: “Ensure your personal details are up to date. Out of date bank details or addresses are one of the most common reasons prizes do not arrive, particularly if you have changed bank accounts or moved house.”
It’s also worth checking how your winnings are paid out, as the process has changed over the years. Mr Grimsditch explained: “For many years, Premium Bonds prizes were paid by cheque, which can take significantly longer to arrive than prizes paid directly into a bank account.
“If you want to receive winnings faster, ensure prize payments are set up to be paid straight into your bank account.” You can still arrange to receive your prize by cheque should you prefer.
Another choice you have is for your winnings to be used to purchase more Bonds, and so increase your chances of another win. Mr Grimsditch said: “Prizes can also be reinvested automatically back into your Premium Bonds, so it’s worth checking where your prize money is set to go and whether that suits your needs.”
One advantage of opting for automatic reinvestment is that your new Bonds will be entered into the following month’s draw straight away. Otherwise, when you buy Bonds you have to wait a full calendar month before they become eligible.
If you are waiting for a prize but it has not arrived, NS&I may be able to assist. Mr Grimsditch said: “Contact NS&I if a confirmed prize has not been paid and can’t be traced, they can trace the payment and resolve most issues quickly once details are verified.”
Find out if you have won online
The financial expert also recommended saving yourself time by checking your prizes online. He explained: “Check your prize status directly with NS&I, use the online prize checker or the NS&I app to confirm whether you have won a prize in the current month’s draw.
“Draws take place on the first day of each month and if a prize has been won, this will appear on the prize checker the following day. Checking via the app or website avoids relying on letters or emails, which can be missed or delayed.”
Bondholders may want to read up on some key changes to Premium Bonds that have recently come into force. From the April draw, the likelihood of each £1 Bond securing a prize decreased from 22,000 to one to 23,000 to one.
NS&I also reduced the prize fund rate from 3.6 per cent down to 3.3 per cent. This marked the first reduction in the prize rate of 2026, following three rate cuts in 2025.
The last time the odds of winning fell was in December 2024, when it dropped from 21,000 to one to 22,000 to one.