Martin Lewis compares premium bonds to savings rates
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Other than Spring 2021, the exact date of when this will come into force hasn’t been announced. However, following the changes, Premium Bonds prizes will no longer be paid via prize warrants.
Instead, customers are directed to arrange to have any prizes they win paid directly into their bank account, or automatically reinvested into more Premium Bonds.
This is up to the maximum limit of £50,000 per person of course.
Earlier this month, NS&I stated the withdrawal of prize cheques won’t begin until the spring of 2021.
As such, customers “do not need to take action now and can do so at a later date”.
NS&I said they will announce a new date from which Premium Bonds prize cheques will start to be phased out in due course.
For those who will be affected by the changes, there are several ways they can provide NS&I with their bank account details.
Customers who are already registered for NS&I’s online and phone services can input their bank details online via their account on NS&I’s website.
They’re directed to visit nsandi.com and use the secure log in.
Then, they should go to “Your profile” and select “Your prize options” and choose to have prizes paid directly to their bank account or to have prizes automatically reinvested into more Premium Bonds.
NS&I’s prize options service
Customers who aren’t registered can use NS&I’s new prize options service.
This consists of a secure three-stage process.
Customers can visit www.nsandi.com/prize-options to input their bank account details.
They should have their Premium Bonds holder’s number to hand, which can be found on the person’s Bond record.
Savers are directed to enter their UK bank account details, and confirm whether they would prefer to have prizes paid directly into their bank account or reinvested into more Premium Bonds (up to £50,000).
Those using this service need either an email address or a UK mobile phone number.
This is so NS&I can notify them of any prize win there may be, either by email or text message.
Those who don’t have an email address or UK mobile phone are directed to call 08085 007 007.
The customer service team will then be available to provide support.
NS&I’s telephone number
Alternatively, people who aren’t able to provide their bank details online can phone NS&I’s customer service team on 08085 007 007 to select their prize options.
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