Premium Bond Holders Urged to Check Accounts as Strict Rule Could Make Some Bonds Ineligible for Draws
A crucial deadline is looming for Premium Bond holders, as the next prize draw approaches. Savers are being warned to check their accounts to ensure they haven’t exceeded the £50,000 limit, which could render some of their bonds ineligible for the upcoming draw.
According to a report from the Liverpool Echo, which cited information from Birmingham Live, the £50,000 limit includes all bonds held in a person’s account, including any that may have been forgotten or lost. If a saver has won prizes on bond numbers that put them above this threshold, NS&I has the right to reclaim these prizes.
The Liverpool Echo report also noted that there is currently £92 million in unclaimed Premium Bonds prizes, often due to people forgetting their bond numbers. To avoid missing out on potential winnings, savers are advised to review their accounts and ensure they are within the limit.
NS&I offers a tracking service for people who need to find potentially lost accounts, which can be used to trace NS&I accounts or investments. This service can be accessed online through My Lost Account or by applying on paper with the Tracing Service. Additionally, savers can update their prize claim preferences to prevent windfalls from pushing them over the threshold.
The Liverpool Echo report also highlighted that if NS&I recognises that a saver is approaching or exceeding the limit when they next buy a bond, they may encounter a ‘failed transaction’ error. In such cases, the money will be automatically returned to their bank within two to three working days.
Experts at MoneySavingExpert (MSE) noted that if ineligible bonds won a prize, the winnings would be reclaimed and reallocated to the next relevant prize draw. Premium Bonds have a minimum investment amount of £25, with each individual bond valued at £1. Every bond receives a unique bond number that is eligible for the monthly draw.
The next Premium Bonds draw is scheduled to take place on Monday, June 2. The total prize money currently stands at £411,118,825, according to Birmingham Live, with 5,901,229 prizes to be awarded. While the odds of winning remain at 22,000 to 1, there will be an estimated 20% more prizes worth £25, although the number of higher-value wins is expected to decrease.
As the deadline approaches, savers are urged to review their Premium Bonds accounts to ensure they are within the £50,000 limit and eligible for the upcoming draw. By checking their accounts and updating their prize claim preferences, savers can avoid missing out on potential winnings.
In related news, NS&I has advised savers to be mindful of the £50,000 limit and to take steps to ensure they remain eligible for the prize draws. By doing so, savers can maximise their chances of winning and make the most of their Premium Bonds investments.
The Liverpool Echo report serves as a timely reminder for Premium Bond holders to review their accounts and take necessary action to ensure they remain eligible for the prize draws. With the next draw just days away, savers would be wise to check their accounts and update their prize claim preferences to avoid missing out on potential winnings.
Source: Liverpool Echo
