Premium Bonds warning as funds will be ‘returned’ after key date | Personal Finance | Finance
NS&I has issued a warning about Premium Bonds as customers may find their funds returned to them when they try to buy more.
A customer contacted the provider over X with a query about their son’s Bonds. They explained: “I have recently started to top up my 17-year-old son’s Premium Bonds but don’t know if the standing order is going through to the right account as I have had no confirmation. How do I know if all is well?”
Parents and guardians sometimes set up an account for their children, buying and managing Bonds on their behalf, but NS&I pointed out that the rules change at a key time.
NS&I said in response: “As your son is over the age of 16, we would now ask that all deposits come from a UK bank account in his own name, instead of yours.
“Normally, if the funds have been sent from a third party account, they would be returned but so that we can check this further for you, please have your son call us on 08085 007 007.”
Once a child turns 16, they take over the responsibility for managing their Bonds.
When buying Bonds for a child under 16, parents or legal guardians can apply online, by phone or by post. If you are buying Bonds for someone else’s child, you can apply online or by post.
Another Premium Bonds customer recently contacted NS&I after receiving a message saying their account had closed.
They queried: “I have received a Premium Bond prize cheque and the attached slip says the account is now closed. What does this mean?”
The savings provider said in response: “Is this an unclaimed prize you’ve received? This could have been an unclaimed prize we have found from a now closed Premium Bond holding. Did you receive anything else in the letter that would indicate to this?”
The customer replied to express their concern that “the Bonds themselves were being closed”.
NS&I further told the person that if they had their holder’s number, they could register for the online and phone service.
They sent them a link to a webpage where they could do this. New customers opening an account with NS&I are automatically registered for the service.
The group explained: “You’d be able to easily view what accounts you have with us online once registered.”
