National Savings and Investments (NS&I) is looking into a reported issue with its Premium Bonds prize payments after a customer claimed they were missing out on winnings.
Customer Reports Missing Prizes
The problem came to light when a Premium Bonds holder contacted the savings provider via social media. The customer stated that while the official prize checker application indicated they had four prizes waiting to be collected, they had only received payment for a single one.
Questioning the accuracy of the digital tool, the customer asked: "Is the prize checker app wrong?" In response, NS&I requested the customer send them a private direct message to investigate the specific case further.
NS&I's Official Response
When pressed for an update on the situation, NS&I declined to share details about the individual's circumstances, citing customer confidentiality.
A spokesperson for the organisation provided clarity on the standard prize distribution process. "We pay out millions of prizes each month, so payments are rolled out in batches over a number of days," they explained.
The spokesperson also outlined the two main options for customers. Bond holders can log into their online account and select to have their winnings paid directly into their nominated bank account or automatically reinvested into more Bonds, up to the maximum holding limit of £50,000.
They noted that any prizes set to be automatically reinvested become eligible for the following month's draw immediately. Furthermore, they confirmed that receiving funds via bank transfer is quicker than waiting for a cheque to arrive by post.
Weighing Your Premium Bonds Options
In the monthly Premium Bonds draw, prizes range from £25 up to the coveted £1 million jackpot, with two top prizes awarded each month.
Currently, the odds of any single £1 Bond winning a prize are 22,000 to one. The scheme operates with a prize fund rate of 3.6 per cent.
It is noteworthy that NS&I has reduced this prize fund rate several times in 2025, implementing cuts in January, April, and August.
For those who feel luck has not been on their side, a financial review might be prudent. Aaron Peake, a personal finance expert from the free credit score service CredAbility, offered his perspective.
"If you've gone a year or more without any wins, it might be time to review your options," Peake advised. He highlighted a key difference many savers overlook: "Many savers forget that interest on other accounts compounds over time, while money in Premium Bonds does not grow unless you win."
He concluded that if a saver has experienced a prolonged dry spell and could be earning guaranteed interest elsewhere, it may be worth moving at least a portion of their savings to a regular savings account or cash ISA.
