NS&I has clarified how it pays out Premium Bonds prizes, explaining that customers who win multiple prizes in the same draw may not receive all their payments at once. The update comes as the Government-backed savings provider prepares to improve the odds of winning and increase the prize fund rate from the September draw.
The clarification follows a customer who contacted NS&I over social media after winning three prizes in the same draw: one for £500 and two for £100 each. The customer had only received the cheque for the £500, with the other two yet to arrive. NS&I advised them to contact the provider directly for help with the issue.
Why prizes may arrive separately
A spokesperson for NS&I said: "We pay out millions of Premium Bonds prizes each month. Prize warrants, similar to a cheque, are issued in batches throughout the month due to the volume of payments we make."
The provider explained what this phased approach can mean for individual customers who win multiple prizes in a single draw. The group said: "This means that if a customer has won multiple prizes in the same draw, the warrants may not all arrive at the same time. We always aim to pay prize warrants in the month the prize is won."
Options for receiving prizes
Customers have three options for how their prizes are paid out. They can have winnings paid into a UK bank or building society account, have winnings automatically reinvested into buying more Bonds up to the holding limit of £50,000, or be sent a cheque in the post.
NS&I said it is "quicker and easier" to have the amount either paid into a bank account or used to buy more Bonds, rather than being sent a cheque. Nine in 10 prizes are paid out in these two ways.
September changes to odds and prize fund rate
From the September draw, the odds of winning for each £1 Bond will increase from 22,000 to one to 21,000 to one. The prize fund rate will also rise, from 3.8 per cent to 4.35 per cent.
This continues a trend of NS&I improving both the chances of a win and the payout rate this year. In July, NS&I increased the prize fund rate from 3.3 per cent to the current 3.8 per cent, and improved the odds from 23,000 to one to 22,000 to one.
Most prizes in the monthly draw are for relatively small amounts, such as £25 or £50, but larger prizes include £10,000, £50,000 and £100,000. Each draw, which takes place at the start of every month, always includes two £1million jackpot prizes.
