National Savings and Investments (NS&I) has addressed concerns following reports that some Premium Bonds prize payments have been mistakenly sent to customers' previous bank accounts. The organisation has clarified important details regarding how prize payments are processed and what customers should do to ensure their payments reach the correct accounts.
One Premium Bonds holder recently contacted NS&I after noticing that their prize from the monthly draw had been paid into an old bank account. They sought guidance on how to resolve the situation.
An NS&I spokesperson explained: “Customers can update their bank account details online or by calling NS&I. If a customer has not received a prize payment into their current bank account, we can initiate a BACS trace to determine if the payment was returned or if the customer’s bank needs to trace the funds.”
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The organisation emphasised the importance of keeping bank account information up to date to ensure any prize payments are credited correctly and without delay.
It is worth noting that Premium Bonds do not earn interest; instead, their annual prize fund rate finances a monthly prize draw offering tax-free prizes. However, prize fund rates are variable and can change at any time, such as before newly purchased Bonds become eligible for their first draw.
For customers with an NS&I Direct Saver account, it is possible to apply for Premium Bonds online and pay directly from this account. Those wishing to use another NS&I account can complete a simple online form to update their payment details promptly.
NS&I also highlighted the scale of the prize distribution, noting that millions of tax-free prizes ranging from £25 to £1 million are awarded monthly based on numbers generated by their random-number generator, ERNIE. Every £1 Bond entered has the same chance of winning, so purchasing more Bonds increases the likelihood of securing a prize.
Overall, NS&I urges Premium Bonds holders to monitor and update their bank details regularly to avoid any disruptions in receiving prize payments.