Premium Bonds customer confused by prize form as they try to collect December winnings | Personal Finance | Finance

A Premium Bonds saver who was trying to pick up a December prize has fallen foul of the paperwork to collect their winnings.

The customer contacted the group on X yesterday (January 17) as they had won a prize in the December draw but the funds had still not reached their bank account.

They said: “I completed the cheque replacement form as advised when I called, but it did not require info on which Bond it relates to so I’m concerned I haven’t done the right thing.”

Provider NS&I replied to ask them when they had filled in the form, with the person then saying they had done so earlier that same day (January 17) at around 1.30pm.

In light of the new information, the provider then said: “It should take two working days to process your form once received.

“If you requested a payment by bank transfer, it should take three working days to arrive once processed. If it is a payment by cheque, it can take around five working days to arrive once sent.”

Another frustrated customer recently contacted NS&I after they had not won any prizes despite holding Bonds for over 50 years.

They asked the provider: “Is it possible to change numbers? I’ve had Premium Bonds for over 50 years and never won a penny.”

The group responded to say this would not make any difference to her odds of winning. A representative said: “The only way this can be done is by withdrawing the Bonds and reinvesting them.

“While this is certainly possible, it’s important to note that there is no material benefit in doing so, as every single Bond number has the same chance of winning as every other number.”

A person can increase their chances of winning by buying more Bonds. Each customer can hold up to £50,000 in Bonds.

The prize fund rate is reducing from 4.65 percent to 4.4 percent from the March draw, with the number of prizes in each draw reducing.

Andrew Westhead, NS&I Retail Director, said: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers, and the stability of the broader financial services sector.

“In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual net financing target.

“After these changes, the Premium Bonds draw in March is expected to pay out over 5.7 million tax-free prizes totalling more than £444million to savers across the UK.”

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