NS&I has clarified the guidelines for cashing in Premium Bonds following a customer query. A saver reached out over X after they faced issues with a delayed payment.
They made the withdrawal on September 25 but it still hadn’t arrived on October 2. The individual specified: “It was Premium Bonds. It was just the money I had invested. I left £1 in my account as advised to keep my account open but still haven’t received the money into my bank account.”
NS&I responded to inquire if the customer had chosen to defer the payment until after the October prize draw. People sometimes do this so the Bonds they are cashing in still go into the prize draw and have a chance of being paired with a prize.
The customer said: “I didn’t think I did. I thought I chose to have the payment now rather than after the prize draw. If I made a mistake when should I expect payment?” Responding to the confusion, NS&I explained: “The payment will have already been processed in this case and the funds should be in your account within three banking days.
“If you’d like this checked you’ll need to give us a call to speak to an advisor.” Customers can contact the NS&I helpline at 08085 007 007. Assistance is available via a virtual assistant at any time, and the customer service team is on hand from Monday to Friday, 8am to 8pm, and during weekends from 8am to 6pm.
Another perplexed customer recently asked NS&I regarding the intricacies of the prize draw, remarking: “What people say about NS&I Premium Bonds is true. They let you win first few months then nothing. Giving it one more month and then taking all my money back out.”
The individual also shared that they knew of others who had similar experiences with their Bonds. NS&I issued a statement in reply: “It is an essential feature of the Premium Bond scheme that winning is solely a matter of luck, and there can be no guarantee of any level of return whatever the value of the holding.
“The random nature of the prize draw means that there is no predictable pattern to the frequency or value of prize wins. It is possible to experience months without winning a prize, as well as months with multiple wins. May I take this opportunity to wish you luck in future prize draws.”
Each £1 Bond that goes into the prize draw is equally likely to be paired with a prize. The odds of a Bond winning are currently at 21,000 to one.