Premium Bond holders who do not use telephone or online banking cannot have prizes paid into bank accounts unless they have email address
Premium Bond holders who do not use telephone or online banking cannot sign up to have prizes paid into their bank accounts unless they have an email address.
From December, National Savings and Investments (NS&I) is phasing out posting warrants — a type of cheque — to winners. The Government’s savings arm instead wants bondholders to provide bank details so it can pay the money into their account.
The move has infuriated customers who prefer to get prizes in the post. But it has also emerged that many who are wary about phone or online banking cannot even register for the new payment method because they do not use email.
Changes: From December, National Savings and Investments is phasing out posting warrants – a type of cheque – to winners
Barbara Rowe, 89, from Plymouth waited 40 minutes on the phone to register her bank details but couldn’t give an email address as she has no internet access.
The retired civil servant says: ‘I don’t want to organise my money online or by phone as you hear so many stories of scams.’
NS&I says it can register customers’ bank details if they sign up for its online and telephone service. Those who don’t want to sign up must give an email address in order to log where they want prizes to be paid.
Those without email must wait until the end of November to learn how to register their account details, leaving customers furious they spent hours on hold only to be told no one can help.
The new payment method will be phased in from the December 1 prize draw and warrants will stop by March 2021. Last month more than one million warrants, potentially worth £28million, were sent by post. If you have already registered for NS&I’s online and phone services and still receive prizes as warrants, you can provide your bank details by logging into your account.
If you have not registered but are happy to do so, visit nsandi.com or call NS&I on 08085 007 007. If you have not sent NS&I your bank details, once the changeover is done you will get a letter explaining how to claim your prize.
NS&I says making payments direct into bank accounts is more cost-effective and secure, and better for the environment.