NS&I delays phase-out of Premium Bonds prize warrants

Savings giant NS&I is delaying its planned phase-out of Premium Bonds prize warrants because some customers have struggled to contact the provider.

Instead of phasing out the use of the warrants, which are like cheques, from the December 2020 prize draw, this will now happen from spring 2021.

The Treasury-backed provider said it will announce the date from which warrants will start to be phased out in due course.

The delay has been put in place due to difficulties some customers have had when trying to register their bank account details, NS&I said.

Since January 2020, more than one million customers have switched from receiving paper warrants to having their prizes paid directly into their bank account or automatically reinvested.

It has said the phasing-out of warrants will mean prizes can be paid into people’s accounts more quickly and it should also reduce cases of prizes going unclaimed, when it does not have up-to-date addresses for winners.

NS&I said it recognises that some customers have faced difficulties and longer waiting times when trying to contact it to supply their bank account details.

It apologised for the problems, adding that the phasing out of prize warrants will not start until it is much easier for customers to contact NS&I.

Customers can give NS&I their bank account details online if they are registered to use its website – visit nsandi.com, go to “your profile” and select “your prize options”.

Those who do not wish to register for NS&I’s online and telephone service can use its new prize options service. Customers can visit www.nsandi.com/prize-options to input their bank account details. They should have their Premium Bonds holder’s number to hand.

Customers who opt to use this service will need either an email address or a mobile phone number so that NS&I can notify them of any prize win by either text message or email.

Customers who are unable to provide their bank details online can phone its call centre on 08085 007 007 to select their prize options.

As the withdrawal of prize warrants will not now start until spring 2021 there is no immediate hurry.