NS&I is changing way Premium Bonds prizes are paid in 2021 – do you need to take action?

Martin Lewis details how Premium Bonds odds work for savers

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It’s only a matter of days to go until March arrives, and that means there will soon be a new list of Premium Bonds prize winners. Back in December 2020, the phasing out of Premium Bonds prize cheques was meant to begin.

However, NS&I confirmed this process had been deferred until Spring 2021.

The savings provider has not announced an exact date, however from Spring 2021, the way Premium Bonds prizes will begin changing.

It’ll mean instead of receiving prize cheques, Premium Bonds customers can arrange to have any prizes they win paid directly into their bank account or automatically reinvested into more Premium Bonds – up to the maximum limit of £50,000.

Last month, NS&I confirmed the withdrawal of prize warrants will not begin until the spring of 2021, adding that customers do not need to take action now and can do so at a later date.

Some will therefore need to provider NS&I with their bank account details.

There are several ways that this can be done.

For example, customers who have already registered for NS&I’s online and phone services can input their bank account details online via their account on the NS&I website.

These people are directed to visit nsandi.com and to use the secure log in.

Then, they need to visit “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.

Customers who aren’t registered can use NS&I’s new prize options service.

The new service consists of a “secure three-stage process”.

They are directed to visit www.nsandi.com/prize-options to input their bank account details.

They should have their Premium Bonds holder’s number to hand. This can be found on their Bond record.

Customers are instructed to enter their UK bank account details, and they can then choose to have prizes paid directly into their bank account or reinvested into more Premium Bonds – up to the maximum £50,000.

The savers who opt to use this service will need either an email address or a mobile phone number so that NS&I can notify them of any prize win, either by text message or email.

NS&I says customers who don’t have access to an email address or mobile phone should call 08085 007 007, where call centre staff will be available to provide support.

Alternatively, anyone who is unable to provide their bank details online are directed to call the same number – 08085 007 007 – and then they can select their prize options by telephone.

In the February 2021 Premium Bonds prize draw, there was a total of 2,960,195 prizes worth £85,105,550.

This included two winners of the £1million jackpot.

Both of these winners – hailing from Inner London and North Yorkshire – will get a £1million pay out each.

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