NS&I Alert: Premium Bond Holders at Risk of Disqualifying Savings
As the next Premium Bonds prize draw approaches, savers are being urged to check that none of their bonds have become ineligible due to exceeding the £50,000 account limit. According to a report by the Express, which has been monitoring the situation, this is a crucial step to avoid losing out on potential winnings.
The Express understands that there is currently £92 million worth of unclaimed Premium Bonds prizes, often because bond numbers have been forgotten. The £50,000 limit also encompasses any bonds that may have been misplaced or forgotten about. If your winning bond numbers were over the limit, NS&I reserves the right to reclaim these prizes, making it essential to consolidate all your Premium Bonds investments, particularly before adding more savings to your account.
In a bid to help those who may have lost track of their accounts, NS&I provides a tracking service for locating potentially lost accounts, including if you’ve forgotten your account details or suspect a deceased relative had NS&I savings. This service can only be used to trace NS&I accounts or investments, and applications can be made via the Tracing Service on paper or online through My Lost Account. As the Express has been told, people often opt to have their Premium Bond prizes reinvested automatically back into their account. However, NS&I suggests changing this if your balance is approaching the £50,000 limit, to prevent any winnings from pushing you over.
An NS&I spokesperson explained to the Express: "The money will bounce back to your bank, this is automatic and will take two to three working days." This occurs when NS&I detects that your next bond purchase would cause you to exceed the limit, resulting in a ‘failed transaction’ message.
In such cases, experts from MoneySavingExpert, as reported by the Express, pointed out that any prizes won by bonds exceeding the limit would be recouped and added to the following applicable prize draw. The minimum investment for Premium Bonds stands at £25, while each individual bond is valued at £1. Each bond receives its own unique identifier, making it eligible for the monthly prize draw, with the subsequent draw scheduled for Monday, June 2.
The total prize fund currently amounts to £411,118,825, according to the Express‘s source, which has seen a decrease of £18.9 million from the previous draw and will be distributed across 5,901,229 prizes. Despite these changes, the odds of bagging a prize remain set at 22,000 to 1, but there will be roughly 20% more £25 prizes available, decreasing the chances of winning higher-value prizes markedly. As the Express reports, NS&I is urging savers to take action to ensure their Premium Bonds remain eligible for the upcoming prize draw.
In order to avoid any risk of disqualification, Premium Bond holders are encouraged to verify their account details and ensure that their investments are below the £50,000 limit. This can be done by contacting NS&I directly or using their online services. With the next prize draw fast approaching, it is essential that savers take immediate action to protect their potential winnings. As the Express has learned, NS&I is committed to helping savers and is providing support to those who may have lost track of their accounts.
By taking these simple steps, Premium Bond holders can ensure that their savings remain eligible for the upcoming prize draw and avoid any potential losses. The Express will continue to monitor this situation and provide updates as more information becomes available.
According to NS&I, as sourced from the Express, savers can also make use of their customer support services in case of any queries. The spokesperson for NS&I added that customers can get in touch with them via phone, email, or through their website. This way, Premium Bond holders can rest assured that their queries will be addressed promptly and efficiently.
Further details can be obtained from NS&I via their official website, as per the Express.
