Premium Bonds: NS&I highlights ‘safer’ way winners can get paid their prizes after U-turn | Personal Finance | Finance


NS&I confirmed they would no longer be moving all customers to having Premium Bonds prizes paid directly to their bank accounts, meaning customers who receive their prizes by cheque can continue to do so.

While the plan has been scrapped, NS&I pointed out the vast majority of Premium Bonds are paid directly into customers’ bank accounts, or automatically reinvested into more Premium Bonds (up to £50,000 per person).

In the June 2021 Premium Bonds prize draw, nearly nine out of 10 prizes (88 percent) were paid in one of the two aforementioned ways, rather than prize cheques.

NS&I Chief Executive, Ian Ackerley, said: “We have responded to feedback from some of our customers and we have decided to retain the option for them to receive Premium Bonds prizes through the post.

READ MORE: NS&I makes U-turn on plans to change Premium Bonds prize cheques system

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