NS&I has spelled out the rules when it comes to cashing in Premium Bonds.
A customer got in touch over X to ask about a payment that had not yet arrived in their bank account, after they had made a withdrawal on September 25 but it still hadn’t arrived on October 2.
They explained: “It was Premium Bonds. It was just the money I had invested. I left £1 in my account as advised to keep my account open but still haven’t received the money into my bank account.”
NS&I asked them if they had requested the payment to be deferred until after the October prize draw.
By waiting until after the draw, the Bonds you want to cash in can still be eligible to go into the draw and so could win a prize.
The customer replied: “I didn’t think I did. I thought I chose to have the payment now rather than after the prize draw. If I made a mistake when should I expect payment?”
NS&I said in response: “The payment will have already been processed in this case and the funds should be in your account within three banking days. If you’d like this checked you’ll need to give us a call to speak to an advisor.”
You can call the NS&I helpline on 08085 007 007. There is a virtual assistant available 24/7 to answer questions, while the customer service team is available Monday to Friday from 8am to 8pm and on Saturdays and Sundays from 8am to 6pm.
A frustrated customer recently asked NS&I about how the prize draw works. They said: “What people say about NS&I Premium Bonds is true.
“They let you win first few months then nothing. Giving it one more month and then taking all my money back out.”
They also said they knew other people who had had a similar experience with their Bonds.
NS&I said in response: “It is an essential feature of the Premium Bond scheme that winning is solely a matter of luck, and there can be no guarantee of any level of return whatever the value of the holding.
“The random nature of the prize draw means that there is no predictable pattern to the frequency or value of prize wins.
“It is possible to experience months without winning a prize, as well as months with multiple wins. May I take this opportunity to wish you luck in future prize draws.”
Each £1 Bond eligible to go into the prize draw has an equal chance of winning a prize.
