NS&I warning for all Premium Bonds customers about their prize record | Personal Finance | Finance
NS&I has spelled out the rules when it comes to Premium Bonds prizes after a request from a customer.
A saver contacted the provider over X with this query: “Am I able to request a breakdown of the prizes my Bonds have had?”
The group responded to explain that what they should do next depends on how far back they wanted to see their records.
A representative said: “To request for an 18-month prize history, please call us on 08085 007 007. If you require a record dating back further than this, please write to us at NS&I, Sunderland SR43 2SB.”
The customer went on to ask how prizes are arranged for children aged under 16, in which case their holdings are managed on their behalf by someone else.
The saver asked: “When a child is under 16 and you have put maximum holding into Premium Bonds who do the prizes go to before they are 16? The child or the parent?”
NS&I responded to say that the prizes would be “payable to the responsible holder of the account”.
The customer then followed up with another question: “Does the now adult child have to have registered for the online and phone and postal services to get the prize history as we haven’t done this as we haven’t touched the bonds since they transferred to the child’s control?”
NS&I responded to state that the child does not need to be registered to request the prize history.
Each £1 Bond eligible for the monthly prize draw has an equal chance of being paired with a prize.
Prizes range from the minimum £25 up to the jackpot £1million, with other large prizes for £100,000 and £50,000.
Customers often set up their account so prizes are automatically reinvested in buying more Bonds, so increasing their chances of winning again.
The prize fund rate for Premium Bonds is currently 4.4 percent with the odds of winning at 21,000 to one.
A saver can hold up to £50,000 in Premium Bonds and when investing in more, you have to buy at least £25 worth.
