National Savings and Investments (NS&I) has clarified how Premium Bonds customers can resolve prize payments that have been sent to outdated bank accounts, following a customer query about a missing monthly draw win.
One Bond holder contacted NS&I after winning a prize in the monthly draw, but the payment was “sent to an old bank account.” They asked how to get the issue resolved.
How to update bank details and trace payments
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.”
NS&I urged customers to ensure their bank account details are “up to date” so any prize payments go to the right place. The two-day rule refers to the time NS&I advises customers to wait before contacting them, as payments may take up to two working days to clear.
How Premium Bonds work and prize details
Premium Bonds do not earn interest. Instead, there’s an annual prize fund rate that funds a monthly prize draw for tax-free prizes. The prize fund rate is variable and can change at any time, for example before new Bonds become eligible for their first draw.
NS&I notes: “If you have an NS&I Direct Saver, you can apply online for Premium Bonds and pay for it from your Direct Saver. If you want to use another NS&I account, just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.”
The organisation adds: “We pay out millions of prizes every month to lucky Bond holders, whose numbers are generated by our random-number generator, ERNIE. Every £1 Bond entered into the prize draw has the same odds of winning, but the more Bonds you buy, the more chances you’ll have to win.”
Variable rates and future draws
The prize fund rate, prize values, odds of winning and the way NS&I allocates the number of prizes of each value are all variable, so they can change at any time. For example, before new Bonds become eligible for their first draw.
Prizes range from £25 to £1 million and are all tax-free. Customers with outdated bank details should update them promptly to avoid missing future payments, and those who have already missed a payment can request a BACS trace through NS&I.
