Ns&i responds after reports of premium bonds prizes error

ONE CUSTOMER SAID THEY HAD WON £100 BUT THE AMOUNT HAD NOT BEEN ADDED TO THEIR ACCOUNT NICHOLAS DAWSON 05:00, 22 May 2025 NS&I has responded to concerns about a customer not receiving

their winnings. A saver reached out to the group via social media after winning a £100 prize. They claimed they previously had £500 in Bonds and had opted for their winnings to be reinvested

into additional Bonds, yet their account still had a balance of £500 worth of Bonds. Many customers set up their accounts so that any winnings are automatically used to purchase more Bonds,

thereby increasing their odds of future wins. When asked for an update on this situation, an NS&I spokesperson said: "Premium Bonds customers can choose to receive their prizes in

several different ways. This includes being paid directly into their nominated bank account or automatically reinvested into more Premium Bonds." READ MORE: DWP warns 'do not'

as it shares three things you shouldn't put on a CVREAD MORE: Millions of families to get 'surprise' payment within days The group offered an explanation of what may have

happened in this particular case. They said: "It maybe that on this occasion the person had changed their preference to auto reinvestment after their prize had been drawn." The

group also said that the most efficient way to manage your Bonds is online via the NS&I website, where you can check if you have won any prizes and how they have been paid out. You can

also change your preferences for prize payments by logging into your account and updating your details. Article continues below Any changes you make will come into effect from the next prize

draw. NS&I revealed that 90% of customers opt for their prizes to be either directly deposited into their bank account or reinvested into purchasing more Bonds. Holders of Premium Bonds

can have up to £50,000 invested – any prizes that push the total above this ceiling will see the excess amount paid directly into your nominated bank account. The prize fund rate for

Premium Bonds dipped recently from 4% to 3.8%, starting with the April draw. Article continues below Presently, the chances of any single £1 Bond nabbing a win stand at 22,000 to one. While

you don't lose the face value of your investment when you miss out on prizes, customers are warned that you could still be losing out. Tom Francis, head of advice at Octopus Money,

warned: "If you're thinking of them as a way to grow your savings or keep up with rising costs, they're probably not your best bet. They don't pay interest, so unless you

win a prize - which most people don't - your money just sits there, losing value over time." Statistics sourced by wealth management firm AJ Bell found that two thirds of Bond

holders have never won anything, even though the average saver has holdings exceeding £5,000.