NS&I to delay phasing out of Premium Bonds prize warrants
Previously, NS&I was due to begin phasing out the prize warrants – which are like a cheque – from the December 2020 prize draw, with the last prize warrants being sent in February 2021.
But it’s now pushed this back until spring, due to the difficulties some customers have had when trying to register their bank account details with NS&I.
NS&I customers also reported technical problems when trying to withdraw their money from savings accounts last month.
NS&I will announce the exact date from which warrants will start to be phased out in due course.
Since January 2020, more than 1 million customers have switched from receiving paper warrants to having their prizes paid directly into their bank account or automatically reinvested.
But some customers have faced difficulties and longer waiting times when trying to contact NS&I to supply their bank account details. So NS&I has decided to allow customers more time in which to do this.
There are several ways Premium Bond holders can provide NS&I with their bank account details.
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 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.
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 the NS&I call centre on 08085 007 007 to select their prize options.
Why is NS&I ending the use of Premium Bonds prize warrants?
NS&I says 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.