The government’s savings arm, NS&I, has confirmed changes to how the millions of Premium Bonds holders can be kept informed of any winnings, and how prizes are paid to children.

Existing Premium Bonds customers will be given a choice of text message or email notification if they have won a prize. However, the text won’t reveal the amount won. Holders will need to log-in to their accounts or check the NS&I prize checker or app, or use Amazon’s Alexa on devices to find out the exact value of the prize win.

New Premium Bonds customers will be able to opt in to text message notifications when setting up their account.

For Premium Bonds holders under the age of 16, prizes can now be paid directly into the bank account of the parent or guardian who manages the account.

Previously, winnings that weren’t reinvested into existing holdings would have been paid via warrant (like a cheque).

Parents or guardians can also opt to receive text messages to find out about any winnings on behalf of a child.

Making products more accessible

NS&I said the changes are to attract younger savers by making them more accessible and appealing to younger age groups, as well as reducing the amount of paper used via warrants to reduce its carbon footprint.

Jill Waters, NS&I retail director, said: “With technology evolving at an ever rapid pace, it’s important we continue to listen to customer feedback and innovate our products and the way we communicate with our customers. By making continual improvements to Premium Bonds, we aim to support a strong savings culture and create an appealing experience that maximises the technology used by our new younger savers.

“By allowing children’s prize wins to be paid directly into a parent or guardian’s account we are making life easier, ensuring that they have access to their winnings faster. By providing the option of a text message notification, we are providing customers with different ways to find out if they have won a prize.”

The news comes a week after NS&I announced a raft of cuts across its savings and bonds range. Premium Bonds holders will also have less chance of winning from May.