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Premium Bonds

Treasury written question – answered on 14th January 2020.

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Photo of Christopher Chope Christopher Chope Conservative, Christchurch

To ask the Chancellor of the Exchequer, if he will take steps to make it the policy of National Savings & Investments to enable Premium Bond prize winners to have their prizes credited to their bank accounts by BACS irrespective of whether they have an email address as well as a postal address; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

National Savings & Investments (‘NS&I’) is required by regulations to notify its customers of their Premium Bond prizes. This ensures that customers are updated on their savings and are reassured around the security of their investments.

NS&I notify its customers of their Premium Bond prizes by email, text message or post. Customers can also check whether they have won on the NS&I website, prize checker app or Alexa Skill. NS&I customers have the choice to receive their prizes either directly via BACS payments or by post. Since November 2019, NS&I also offers BACS payments of prizes to customers who have registered their UK mobile phone number with its online and phone service.

Additional support is offered to certain groups, including older and disabled people with additional needs. Under this process, such customers can opt to receive their Premium Bond prizes through BACS without needing an e-mail address.

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