NS&I has clarified how the bank holiday will affect people cashing in their Premium Bonds.
A customer got in touch with the provider over X on May 23 to ask: “If I request to withdraw money from my Premium Bonds tonight how long does it take to show in my bank?”
The savings giant replied: “If you make a withdrawal from your Premium Bonds today, as long as it is before 8pm, it will arrive to your bank on 28 May.”
The saver then asked for a further clarification, querying: “Would that still be the case as it is a bank holiday this week? I made withdrawal last night at 7pm.”
NS&I responded: “Yes, the timeframe accounts for the bank holiday.”
Express.co.uk contacted NS&I to request further information about how bank holidays affect withdrawals.
We were directed to information on the NS&I website that states: “When we get your instruction on a banking day before 13:00 we’ll process it on the next banking day.
“The payment will normally reach your account two banking days after that. If we get your instruction after 13:00 on a banking day, or on a weekend or bank holiday, we’ll act as if we received it on the following banking day.
“Customers can use our payment timeline calculator. to find out when they will receive their funds.”
The provider also pointed out that the time it takes to receive a withdrawal can vary depending on which NS&I account you have, how much you want to take out and your withdrawal instruction.
A person can hold up to £50,000 in Premium Bonds with each £1 Bond entered into the monthly prize draw, with an equal chance of winning a prize.
Prize winners often use their winnings to buy more Bonds, and thus increase their chances of winning again.
A frustrated customer contacted NS&I recently as they had not won a prize in 55 years.
A representative said in response: “I understand how you feel, but don’t lose hope, it only takes one lucky Bond to win the £1million.
“Did you know, that just this month a lucky customer won a £50,000 prize with just a holding of £125?”
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