Premium Bonds: NS&I shows how to get prizes in a “safer” approach.
PREMIUM BONDS clients are being persuaded to go digital instead of receiving reward cheques in the mail, according to NS&I.
Premium Bonds, as well as other savings and investments, are offered by NS&I, a government-backed savings institution. Customers have the option of receiving checks in the mail, having them automatically reinvested, or having them deposited into their bank account.
Although it reversed a prior plan to discontinue distributing physical checks through the mail earlier this year, it now encourages clients to switch to digital because it is safer.
Nine out of 10 awards are already paid directly to consumers’ bank accounts or reinvested in new Bonds, and NS&I is encouraging the remaining clients to make the move.
“We had planned to phase out reward cheques entirely as a result of this, but we are not going to do so now,” a spokesperson stated.
“However, if you still receive Premium Bonds awards in the mail as a check, why not move to a more efficient method?
“Prizes can be deposited directly into your bank account (or NS&I Direct Saver) or reinvested into further Bonds, giving you even more opportunities to win.”
Customers who transition to digital will not be left behind, according to the bank.
If they win prizes, they will be notified by text or email.
In fact, the savings provider insisted, it will make their lives lot easier in the long run.
According to NS&I, doing so is “quicker.” Customers are not required to deposit the funds into their bank accounts or wait for them to clear.
It’s also “easier” because customers don’t have to do anything, which means one fewer thing on their to-do list.
According to NS&I, this procedure is “safer.” They went on to say that it wouldn’t get lost in the mail and that it wouldn’t matter if a client moved and forgot to update their information.
It’s also greener, according to NS&I. Not only does it save the bank and the consumer time and money, but it also saves resources.
Between April and June this year, Britons withdrew roughly £13 billion from National Savings and Investments (NS&I), according to data.
This is more than double the £6.1 billion taken out in 2020, and might be due to a variety of factors, including people spending more money when the economy recovers after the COVID-19 epidemic.