After a U-turn, NS&I explains how savers can now ‘get Premium Bonds awards faster.’
The National Savings and Investments (NS&I) revealed recently that plans to phase out Premium Bonds reward cheques had been abandoned entirely.
Premium Bonds prize cheques, also known as prize warrants, were set to be phased away in September 2020, however the plan was put on hold months later, in December. On June 24, NS&I confirmed that the phase-out would no longer take place.
It means that customers who have previously received prizes through check in the mail can continue to do so.
The great majority of Premium Bonds wins, according to NS&I, are paid straight into clients’ bank accounts or immediately reinvested in more Premium Bonds (up to £50,000 per person).
For example, nearly nine out of ten awards (88 percent) were paid in one of these two ways in the June 2021 Premium Bonds prize draw.
“We have responded to comments from some of our customers and we have chosen to keep the option for them to receive Premium Bonds rewards through the mail,” NS&I Chief Executive Ian Ackerley said last month.
“We will continue to urge clients, as many have done in the last year, to have their winnings deposited straight into their bank accounts.
“Paying awards directly into bank accounts is more convenient, easier, and secure for our consumers, as well as more sustainable and cost-effective for taxpayers.
“Customers who want their Premium Bonds rewards sent straight to their bank accounts or reinvested do not need to manage their NS&I accounts online or over the phone, and our customer support teams will be available to assist them if they require additional assistance.”
Following the announcement of the July 2021 Premium Bonds prize draw results, NS&I suggested that some winners would be able to get their Premium Bonds winnings “quicker.”
NS&I stated prize warrant winners may choose to “get them paid more faster, more simply, and more securely” by having prizes paid straight into their bank account or automatically reinvested into more Premium Bonds (up to the limit).
This can be accomplished by having awards deposited immediately into their bank account or automatically reinvested into additional Premium Bonds.
“Brinkwire Summary News,” a new guide from NS&I, focuses on getting awards paid electronically.