Premium Bonds frustration at ‘unbelievable’ 7-week wait for transfer | Personal Finance | Finance
A Premium Bonds customer was bemused to be waiting seven weeks for their savings to become active.
The frustrated saver reached out to NS&I over X to say: “Seven weeks to transfer from matured bond to Premium Bonds, unbelievable, should’ve got cash and done myself. My money inactive for seven weeks unacceptable.”
The savings group apologised for the customer’s long wait and explained what would happen as a result.
NS&I explained: “Your funds will not be inactive, as long as have received your request before your maturity date, we will backdate your funds to the earliest Premium Bonds draw you’re eligible for.
“To assist you with this, you’d need to give us a call on 08085 007 007 and an advisor can look into the alternative options available for you.”
The prize draw takes place at the start of each month with each £1 Bond having an equal chance of winning a prize.
The saver disputed this response from NS&I, saying: “They are inactive. If I wanted to withdraw all or part now I can’t so how on earth do you say they are [not] inactive??
“If I wanted to withdraw some and place in an interest bearing account until later they are getting no return.”
NS&I encouraged the saver to send them more details about their case so they could provide further help.
Each Premium Bonds customer can hold up to £50,000 in Bonds. People often arrange their account so if they win any cash, this is automatically used to buy more Bonds.
Another customer recently contacted NS&I concerned they may have received a scam email from fraudsters impersonating NS&I.
The first lines of the email, purportedly from ‘National Savings and Investments’ read: “Dear Customer To ensure we continue providing you with the best service possible, we kindly request that you update…”
NS&I said in response: “From the information you’ve provided, the email will not be genuine as we would never send you a direct link to follow to enter any details.
“With this we would simply ask that you please forward the email to our phishing mailbox.”
