NS&I has announced that, from the December 2020 Premium Bonds prize draw, they are stopping prize payments by warrant (like a cheque) and will be paying prizes straight into customers’ bank accounts instead. It’s quicker, easier, and safer than waiting for a cheque to arrive in the post.
They will be doing this in phases, and by March 2021 will no longer send any prize cheques through the post. Premium Bonds customers can also continue to choose to have any prizes reinvested into more Premium Bonds, up to the maximum holding of £50,000.
Whether customers have their prizes paid to their bank accounts or reinvested, they can choose to be told the good news by email or text message.
Since 2011, Premium Bonds customers have been able to have their prizes paid directly into a UK bank account in their name. In the September 2020 prize draw, almost three quarters (74%) of the 3,856,040 prizes were paid directly into customers’ bank accounts or reinvested into more Premium Bonds.
Therefore, if you hold Premium Bonds and currently receive prize cheques through the post, please contact NS&I with your bank details to carry on receiving them. NS&I will hold on to any prizes you win until they have your bank details.