NS&I has shared an update about the rules around Premium Bonds and what bank account you need to have to be a customer. The provider has urged Bond holders to ensure their details “remain up to date”.
The savings giant has issued a statement after a customer asked for help with cashing in their prize. The person contacted the group over social media as they had received a warrant for a prize they were due. You can get big prizes in the monthly Premium Bonds prize draw, for large amounts such as £100,000 or £50,000. However, most people win nothing and even if you do bag a prize, the vast majority of them are for small amounts such as £25 or £50.
‘I can’t cash it in’
The customer posed a question about their situation as they were living abroad in Japan. They explained: “I have received a warrant for a Premium Bonds payment, but I cannot cash it at a Japanese bank. I do not want to cash the payment. I would like to reinvest the money into my existing Premium Bonds.”
Customers can set up their accounts so any winnings are used to buy more Bonds, increasing their chances of winning again. You can reinvest your winnings up to the point where you have reached your maximum holding amount, which is £50,000 per customer.
They asked how they could arrange for the amount to be reinvested given their circumstances. NS&I replied encouraging the customer to contact them directly for further help.
NS&I statement
Given the question, NS&I was asked to clarify the rules around how best to manage your Premium Bonds and prizes if you live abroad. An NS&I spokesperson said “the vast majority” of customers do live in the UK.
The group also spelled out some key restrictions that apply. The group said: “Premium Bonds can only be purchased by savers if they hold a UK bank or building society account in their name. Where Premium Bonds are held overseas, they may be UK nationals living or working abroad.”
Similar restrictions apply to how you can receive your prizes. The spokesperson said: “Any prizes are either paid into a UK bank or building society account, via a UK pound sterling warrant (similar to a cheque), or reinvested into more Premium Bonds.”
The group was also asked what is the best practice if you are planning to move abroad. NS&I said in response: “NS&I encourages all customers planning a move either within the UK or abroad to ensure their contact details remain up to date and to review their prize payment preferences so that they can continue to manage their Premium Bonds smoothly.
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How can I get help with my Premium Bonds prizes?
You can manage your Premium Bonds online or by calling the phone service. If you have an issue with claiming a prize, you can use the Ask NS&I virtual assistant. Go to the contact us page and click the blue message icon in the bottom right hand corner to start a chat.
Another option is to call NS&I for help, on 08085 007 007. Lines are open Monday to Friday from 8am to 8pm and on Saturdays and Sundays from 8am to 6pm.
NS&I has a dedicated phone line for customers calling from outside the UK, which is +44 1772 329880. You will be charged at the rate of your international phone provider.
