NS&I: How to buy Premium Bonds as NS&I customers told not to do this

The UK lockdown was announced on March 23, 2020, and while measures are beginning to ease in different ways in England, Scotland, Wales and Northern Ireland, the population is still required to ensure they maintain social distancing. The past few months has seen a huge number of adaptations being made, and this includes a change in the way National Savings and Investments (NS&I) is asking customers to buy and manage their savings.

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  • NS&I: The best ways to save through the government-backed bank

Currently, the government-backed savings bank is urging customers to do as much as they can online.

NS&I’s website states that due to the pandemic, its teams are much smaller, and there has been an increase in calls.

“So that we can help our most vulnerable customers, please only contact us if you absolutely have to,” the website states.

With customers being told not to phone NS&I unless it’s absolutely necessary, many will wonder how they can go about investing with the savings bank.

NS&I has explained that new customers who are buying Premium Bonds for the first time should do so online at nsandi.com.

Meanwhile, those who are already existing customers have another option, should they want to increase their NS&I investments.

To increase the size of their holding, these people can invest by bank transfer and they do not need to be registered for NS&I’s online and telephone banking service in order to do this.

In June this year, Jill Waters, NS&I’s Retail Director, said: “We are currently asking new and existing customers to do everything they can with NS&I online.

“Customers who invest with NS&I online will be automatically registered so that they can manage their savings online or by phone.

“This will allow them to check their balances, pay money in or take it out, choose to have any Premium Bonds prizes paid directly into their bank account and also to transfer money between their NS&I accounts.

“For any customer wishing to invest into an existing NS&I account, the quickest way to do this is to make a transfer from their bank account or to set up a standing order.

“Customers can invest into all of our on sale products using this method.”

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  • Premium Bonds: NS&I prize draw imminent – check and claim prizes

There are limitations on how many Premium Bonds a person can have.

The minimum investment is £25 – while the upper limit is £50,000 per person.

Rather than getting guaranteed returns on the savings, Premium Bonds holders will be in with a chance each month to win a £1million jackpot and other tax-free prizes.

So, how likely is it that a person will win in the Premium Bonds prize draw?

NS&I states that the odds of winning for each £1 Bond number is 24,500 to one.

Earlier this month, NS&I revealed some details about the two July 2020 winners who had been selected for a £1million payout each.

The first winner was a man from Tyne and Wear, who bought the winning Bond in May this year.

The other person was a woman from Surrey, who purchased her winning Bond in March 2017.

In total, there were 3,710,908 prizes up for grabs, with a total prize fund in July 2020 reaching £106,070,125.

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