NS&I reveals main reason Premium Bonds winnings don’t arrive – are you missing a prize? | Personal Finance | Finance

NS&I has explained the main reason why people sometimes do not receive their Premium Bonds prizes.

A customer contacted the group over X after they found they had won prizes in the November and January draws but the winnings had not arrived.

They said: “No money has been put in my account and I have not received any cheques. I have recently moved and I’m not sure what address is on my account.”

NS&I replied to ask if they could log in through the website and check their details but the customer said they didn’t know what their NS&I number was, and they had not received the email to recover it.

The savings giant then asked them to call the helpline so they could be assisted with finding their NS&I number.

contacted the provider to clarify how a customer changing their address could cause an issue with their winnings not arriving.

The group said: “In most cases, people don’t receive their Premium Bonds winnings because their details aren’t up to date.

“Winners of Premium Bonds prizes are notified when they win, but sometimes customers relocate or update their contact information without informing NS&I.

“This can result in unclaimed prizes, particularly if they’ve chosen to receive their prizes by cheque. The quickest way for customers to receive their prizes is to have them paid automatically into their bank or reinvested into more Premium Bonds.”

The group said over 90 percent of prizes are paid this way as it’s faster and more secure than getting a cheque sent out.

A customer can change how they receive their prizes through this page on the NS&I website.

The prize fund rate for Premium Bonds is dropping from the March draw, from 4.65 percent to 4.4 percent.

Andrew Westhead, NS&I retail director, said previously: “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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