NS&I has clarified the rules for collecting Premium Bonds in response to a query from a saver.
The customer asked the provider over X: “I’ve just discovered my late gran invested Premium Bonds for me many many years ago.
“I have some of the numbers, and have seen I won an amount in April, but what happens with historic winnings please?”
Each £1 Bond goes into the monthly prize draw with an equal chance of being paired with a prize.
The savings group responded to explain the several steps of the process the person would need to complete to access their winnings.
NS&I said: “When a child turns 16, they’ll automatically assume control of their account(s). To update your details, please write to us at NS&I, Sunderland SR43 2SB.”
The group also sent them a link to a webpage with information about what to include when writing in, such as details of your accounts and investments and any reference numbers including your account number and Bond numbers.
NS&I then set out another important rule the saver would need to follow, saying: “You’ll need to find another adult to witness your signature if we don’t already have a record of this.
“Please ask the witness to provide their name, address, and signature in your letter. We’ll then send you confirmation by post once this has been changed.”
The provider said that once they had done this, they would be able to register for the online and phone service.
Recent figures from NS&I showed there are over two million prizes that customers have yet to collect.
This includes some prizes for £100,000 and £25,000 and over 100 prizes for £5,000.
People often choose to reinvest their winnings in buying more Bonds – you can set up your account so this happens automatically when you win.
A person can hold up to £50,000 in Premium Bonds and you can increase your chances of winning by investing in more Bonds.
