NS&I has clarified the rules and timeframes that apply to Premium Bonds customers after a bond holder reported that a prize had been "sent to an old bank account". The customer contacted NS&I for help after winning a prize in the monthly draw but not receiving it in the right place.
How to update your bank details
The savings provider encouraged the customer to send a direct message about the issue. When asked what happens if a prize is paid to the wrong bank account, an NS&I spokesperson said: "Customers can update their bank account details online or by calling NS&I.
"If a customer has not received a prize payment into their bank account, we can request a BACS trace to help establish whether the payment has been returned or whether the customer's bank needs to trace the funds."
Two-day rule before the draw
Bank account details can be changed up to two working days before the next monthly prize draw. If any changes are made after that point, the update is applied after the draw has taken place, so any prizes won will go to the existing named bank account rather than the new one.
NS&I urged customers to make sure their bank account details are "up to date" so prize payments go to the right place. Prizes can be paid into a bank account, automatically reinvested into buying more Bonds, or sent as a cheque in the post.
Key changes from September
If prizes are reinvested into more Bonds, the new Bonds will be eligible for the next month's draw. Otherwise, new Bonds have to wait a calendar month before they can enter the draw. NS&I noted that having funds paid into a bank account or setting up reinvestment is quicker and easier than receiving a cheque.
From the September draw, NS&I is increasing the prize fund rate from 3.8 per cent to 4.35 per cent. The odds of winning per Bond are improving from 22,000 to one to 21,000 to one, continuing an upward trend after NS&I previously improved the prize rate and odds in July.
