NS&I has today announced that it will delay the phasing out of Premium Bonds prize warrants (like a cheque) until the spring of 2021, because of the difficulties some customers have had when trying to register their bank account details.
Previously, NS&I was due to begin phasing out the use of Premium Bonds prize warrants from the December 2020 prize draw, with the last prize warrants being sent in February 2021; however, this will now be delayed.
NS&I will now start to phase out Premium Bonds prize warrants from Spring 2021, rather than December 2020, and will announce the date from which warrants will start to be phased out in due course.
Since January 2020, more than one million customers have switched from receiving paper warrants to having their prizes paid directly into their bank account or automatically reinvested. NS&I recognise that some customers have faced difficulties and longer waiting times when trying to contact NS&I to supply their bank account details – therefore, a decision has been made to allow customers more time in which to do this.
NS&I is sorry for the problems that some customers have experienced. The phasing out of prize warrants will not begin until it is much easier for customers to contact NS&I.
Customers now have longer to provide NS&I with their bank account details
Premium Bonds customers now have longer to provide NS&I with their bank account details and there are several ways they can do this:
- Customers already registered for NS&I’s online and phone services can input their bank account details quickly, easily and securely by logging into their account on NS&I’s website. They should visit nsandi.com and use the secure log in. They should go to ’Your profile’ and select ‘Your prize options’ and choose to have prizes paid directly to their bank account or to have prizes automatically reinvested into more Premium Bonds.
- Customers who have not registered and do not wish to register for NS&I’s online and telephone service can use NS&I’s new prize options service. The new service consists of a secure three-stage process. Customers can visit https://www.nsandi.com/prize-options to input their bank account details and should have their Premium Bonds holder’s number to hand, which they can find on their Bond record. Customers should enter their UK bank account details and can choose to have prizes paid directly into their bank account or reinvested into more Premium Bonds (up to the maximum £50,000). Customers who opt to use this service will need either an email address or a mobile phone number so that NS&I can notify them of any prize win by either text message or email.
- Customers who are unable to provide their bank details online can phone our call centre on 08085 007 007 to select their prize options. The withdrawal of prize warrants will not begin until the spring of 2021 so customers do not need to take action now and can do so at a later date.
Why is NS&I ending the use of Premium Bonds prize warrants?
Paying Premium Bonds prizes directly into customers’ bank accounts is quicker, easier and more secure. It will also mean that NS&I can reduce the number of Premium Bonds prizes that go unclaimed where NS&I does not have a current address for the winner. Customers can also continue to have any prize wins reinvested into more Premium Bonds up to the £50,000 limit to increase their chances of winning in future draws.
Notes to Editors
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
- More than £88 billion is invested in Premium Bonds by over 21 million customers.
- All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
- The annual Premium Bonds prize fund rate is 1.00% and the odds of each individual Bond number winning any prize are 34,500 to 1. The prize fund rate and the odds of winning are variable, so they can change from time to time.
- NS&I is urging customers to go online to nsandi.com if they need help to manage their savings. NS&I is currently receiving more calls than usual and it is taking longer than normal to help customers. Customers should use nsandi.com to deal with their queries, so that those who are most in need, such as those who do not have access to the internet or those who require critically urgent help, can deal with NS&I by phone. Customers should also only send NS&I anything by post if they have no other choice.
- Further information on NS&I, including press releases and product information, is available on the website at nsandi.com. Follow us on Twitter: @nsandi or join the conversation on Facebook: NS&I.
- NS&I announced in February 2020 that customers could be notified of any Premium Bonds prize wins via text message.
- NS&I announced in February 2020 that parents or guardians of children under the age of 16 who have had Premium Bonds bought for them would be able to have any prizes won paid directly into their bank account.