Unless you have chosen to cash in after the next draw, it can take up to three banking days for the money to reach your account, according to NS&I.
How long does it take to open an account with NS&I?
You cannot register to manage an Investment Account online, however if you have other savings accounts, it will appear in your dashboard.
If you don’t have an account with us currently, you can apply online and we’ll register you as part of the process.
Take a look at our offerings.
What is the procedure for registering premium bonds in my bank account?
- Premium Bonds holders who are still receiving paper warrants must take measures to ensure that their awards are paid automatically.
- Customers can also choose to have their prize money re-invested into more Premium Bonds, increasing their chances of winning in future drawings.
- Almost three-quarters of Premium Bonds awards (74%) have already been remitted to consumers’ bank accounts or automatically reinvested. Payment by BACS is more cost-effective and ecologically friendly than sending warrants through the mail.
- There are currently over 1.8 million Premium Bonds awards worth over £67 million that have gone unclaimed. Rewards won by new Premium Bonds customers will be paid by BACS, which will reduce the number of prizes that go unclaimed.
Starting with the December 2020 prize draw, NS&I will begin to transfer clients to having Premium Bonds rewards paid directly into their bank accounts, which will be a faster, easier, and more secure method of receiving prizes. By March 2021, the issuing of paper warrants (similar to a check) for the payment of prizes won in monthly Premium Bonds prize draws will be totally phased out.
Customers with Premium Bonds can continue to have any rewards reinvested in further Premium Bonds, up to a maximum holding of £50,000. Customers will be notified of any prize wins through email or text message, as desired.
Premium Bond holders have had the option of having their rewards paid directly into a UK bank account in their name since 2011. Almost three-quarters (74%) of the 3,856,040 rewards were transferred directly into clients’ bank accounts or reinvested into more Premium Bonds in the September 2020 prize draw.
“Premium Bonds awards are paid directly into clients’ bank accounts, which is faster, easier, and more secure. It also means we’ll be able to reduce the amount of Premium Bonds rewards that go unclaimed because we don’t know the winner’s current address. Customers can also have any prize winnings reinvested into new Premium Bonds up to the £50,000 limit in order to boost their chances of winning in future drawings.
“Although there is an understandable attachment to receiving rewards by mail, nearly half a million customers have converted from receiving paper warrants to having their awards paid immediately into their bank accounts or automatically reinvested since March. This adjustment will allow NS&I to manage Premium Bonds prize distribution more cost-effectively and with a lesser environmental impact, which will benefit our consumers.”
Premium Bonds customers must ensure that NS&I has their up-to-date UK bank account data, as well as an email address or UK mobile phone number, so that they can be notified of any prize winnings. Customers are encouraged to do so as soon as possible, as the issuing of paper prize warrants will be phased down starting in December 2020 and will be completely phased out in March 2021. Customers will never be called by NS&I and asked for their bank account information.
Because NS&I is discontinuing the use of prize warrants, some Premium Bonds customers will stop getting them in December 2020, and all customers will stop receiving them in March 2021. Instead, these customers will receive a prize claim letter with instructions on how to arrange for payment of their prize. The prize warrants for the February 2021 Premium Bonds prize draw will be the last ones issued by NS&I.
Customers who do not have access to the internet should phone NS&I at 08085 007 007 to provide their bank account information or to register to manage their savings, including Premium Bonds, with NS&I.
- NS&I is one of the largest savings institutions in the UK, with 25 million customers and a variety of savings and investing options. Because NS&I is backed by HM Treasury, all products provide 100 percent capital security.
- Over 21 million consumers have invested over £88 billion in Premium Bonds.
- The yearly Premium Bonds prize fund rate is 1.40 percent, with a 24,500 to 1 chance of winning any prize. The prize fund rate and the chances of winning are both variable and can vary at any time.
- The NS&I media team has photos of ERNIE 5, prior ERNIEs, and Premium Bonds, including the Premium Bonds app, in high-resolution jpeg format.
- Customers could be notified of any Premium Bonds prize wins by text message, according to NS&I’s announcement in February 2020.
- In February 2020, NS&I announced that parents or guardians of children under the age of 16 who had Premium Bonds purchased for them would be able to have any rewards earned directly deposited into their bank account.
What is the procedure for adding premium bonds to NS&I?
Premium Bonds can be purchased through our safe online system. Please have your debit card information handy.
You can buy Premium Bonds by bank transfer if you or the child you’re buying for already have some (including standing order).
Are Premium Bonds available right away?
You can cash in premium bonds at any time by going online, calling, or mailing in a cashing-in form.
Cashing in online or over the phone can take up to three days to reach your bank account, while a post claim might take up to eight days.
There are no fines, and you will not lose any money if you cash in your bonds, although you may want to do it shortly after a monthly draw so your bonds aren’t sitting in your Premium Bonds account when they could be earning interest elsewhere.
When do Premium Bonds get paid?
Nearly nine out of ten awards are already paid, either directly to clients’ bank accounts or by reinvesting in new Bonds. We had planned to phase out reward cheques entirely as a result of this, but we’re not going to do so anymore.
It’s quicker
Cheques take time to clear. They must be printed, packaged, and shipped. After you’ve received your check, you’ll need to schedule a time to deposit it into your account. Finally, before you can enjoy your winnings, you must wait for the funds to clear. Choose to have winnings remitted to your bank account or reinvested into new Bonds to avoid these time-consuming formalities. By the seventh working day of the month, you should have the money or new Bonds long before the first prize cheques arrive.
It’s easier
Cheques must be paid in, which may necessitate a trip to the bank. You don’t have to do anything because the prizes are sent to your bank account or reinvested into more Bonds. Allow us to handle the work for you, and you’ll have one less thing to worry about.
It’s safer
We’ve sent out millions of checks to winners over the years, and while it doesn’t happen often, we’re aware that something could go lost or delayed. We also understand that our clients may relocate and fail to notify us of their new address. With prizes transferred directly to your bank account or reinvested in new Bonds, you can rest assured that your prize will arrive without delay.
It’s greener
As more consumers opt for a faster, easier, and safer way to receive their winnings, we’re sending out fewer and fewer cheques. Make the switch and you’ll be helping the environment by reducing the amount of paper we send out. If you prefer to reinvest your prizes in more Bonds, simply select our paperless option, and we’ll notify you of the specifics of your new Bonds through email.
Is it possible to cash in my child’s Premium Bonds?
Not a member yet? You don’t need to create an online profile to withdraw money from your or your child’s Premium Bonds. All you have to do is complete a little online form. Make sure you have access to your account information.
Please note that in order to withdraw or close the account, you must be the person responsible for the child’s Premium Bonds.
You can withdraw money from Premium Bonds while ensuring that particular Bonds remain in the draw by filling out a form online.
A cashing in form can also be downloaded, printed, and completed. Then send us your completed form along with the Bond certificates that need to be cashed in (if you have them).
Premium Bonds can be deposited into a bank account.
Cheques may not arrive until the end of the month through the mail. If you haven’t gotten your check by the end of the month, please contact us and we’ll send you one.
Premium Bonds reward cheques expire after three months for security reasons. Don’t worry if your check has expired; simply ask us for a replacement.
To avoid issues like these, you can have your wins sent directly to your bank account or reinvested into additional Bonds – both of these options are quick, easy, safe, and environmentally friendly ways to get your money.
Do old Premium Bonds ever come out on top?
Is it still possible to use my old Premium Bonds? Yes. Your Bonds are still valid and will be included into our monthly prize draws as long as you haven’t cashed them in.
How can I set up a Premium Bonds standing order?
It’s all handled by your bank. Simply contact your bank and let them know how much you want to transfer and when you want it done. Most banks allow you to do this online or via their mobile banking app, but we also have a form that you can fill out and submit to them.
Keep in mind that if you want to cancel or change your standing order, you’ll need to contact your bank as well.
How far back can Premium Bonds be claimed?
When someone wins a Premium Bonds prize, we notify them. However, the good news may not always arrive. This could be because you relocated and didn’t tell us, you altered part of your personal information, or our letter got lost in the mail.
Simply log in to examine your reward history, or use our prize checker to discover if you have any unclaimed prizes.