Premium Bond warning: Key payment change to occur – take action to avoid missing out

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Premium Bonds are offered by NS&I, otherwise known as National Savings and Investments, and are held by millions right across the country. The savings method has been popular due to its traditionally strong interest rates, and the fact two millionaires are made each month. Indeed, in October, a man in Kent and a woman in Humberside were lucky enough to clinch the jackpot, receiving £1million each.

But for those who are hoping to be in with a chance to win prizes, there is a key action which may have to be taken going forward.

The government-backed bank has announced a change to the way it issues prizes, due to kick in in the coming months.

From December 2020, NS&I has said it will be phasing out its use of prize warrants – a paper form which resembles a cheque.

The organisation said: “We’ll being doing this in phases, so by March 2021 we’ll no longer send any prizes through the post.

READ MORE: NS&I: The top Bonds which could help Britons grow their money

Providing bank details is key to avoid missing out on prizes, and so vital steps must be taken.

For those who are not yet set up, NS&I recommends registering for their online and phone service.

The process, it says, takes only a few minutes and helps holders to manage their Premium Bonds online as well as choosing their new prize options.

However, for those who do not wish to sign up for this service, an email address must be provided in order to log-in. 

This may cause issues for those who do not have internet access, and so these individuals will be required to wait until November to find out how to register.

For those who already manage their NS&I savings online, logging onto their account will prompt them to change prize options.

Those who do not receive a prompt, however, will need to take further steps.

Once logged on, they should go to ‘Your Profile’ and then select ‘Your Prize Options’ to make a change.

This will also allow them to alter bank details if necessary, alongside the way a person is notified if they have won in the prize draw – either by email or text message.

Jill Waters, Retail Director of NS&I said: “While we understand that there is a real affection for prizes being received by post, paying prizes directly to customers bank accounts means that winners can receive prizes quicker, easier and more securely.

“We will continue to notify of prize wins but this will be by email or text message, or winners can choose to be notified by an Alexa enabled device.

“Part of the enduring magic of Premium Bonds is the thrill of finding out that you’ve won a prize, and this is something that will not change.”

And in the meantime, Bond holders should also pay attention, as the November prize draw is just days away.

Two more lucky millionaires will be created, alongside a whole host of other prize winners.



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