Premium Bonds: NS&I’s changes to payment process come into force

Premium Bonds: NS&I’s changes to payment process come into force

Premium Bonds are held by millions of people right across the country in the government-backed savings institution NS&I, formally known as National Savings and Investments. Each month, Britons will be in with a chance to secure a £1million jackpot, offered by the bank to two lucky winners. However, for those who are fortunate enough to win – whether this be the jackpot or any other prize – there is a vital change to note.

NS&I has said from this month, it will be changing the way it issues prizes, and so Britons should take action to avoid missing out.

The bank will now be phasing out the use of paper warrants, a common way of informing Britons they have won a prize.

The paper prize cheques are usually sent through the post, but will be phased out completely by March 2021.

Instead, NS&I will now make the move to issue all Premium Bonds prizes directly to customers’ bank accounts. 

READ MORE: NS&I has slashed its interest rates on key products – act now

Those who have registered for NS&I’s online and phone services will be able to input these details securely by logging into their account on NS&I’s website.

However, people who have not previously registered will need to sign up on the website to manage their prize options.

For individuals without access to the internet, calling NS&I will help them to establish the key details. 

As paper cheques are being gradually phased out, some customers will not receive prize warrants from this month, while others from March 2021. 

These customers can expect to receive a prize claim letter telling them how to proceed going forward. 

Ian Ackerley, NS&I Chief Executive, commented on the change to the payment process.

He said: “Paying Premium Bonds prizes directly into customers’ bank accounts is quicker, easier and more secure for everyone. It will also mean that we can reduce the number of Premium Bonds prizes that go unclaimed where we don’t 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.

“There is an understandable affection for prizes being received by post, but since March, nearly half a million customers have switched from receiving paper warrants to having their prizes paid directly into their bank account or automatically reinvested.

“As well as being beneficial to our customers, this change will allow NS&I to manage Premium Bonds prize distribution more cost-effectively and with a much lower environmental impact.”

Ahead of the expected December prize draw tomorrow, NS&I has unveiled some details about the winners.

While their identities remain top secret, there are some clues to help Britons identify if they could be the winner.

The first lucky millionaire has been revealed as a woman from Manchester, who has £30,010 invested.

The other millionaire this December is also female, and from South Gloucestershire.

This person has the maximum holding of £50,000 in Premium Bonds.

Published at Tue, 01 Dec 2020 07:19:00 +0000