National Savings and Investments: Correspondence

Treasury written question – answered on 4th January 2021.

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Photo of Anneliese Dodds Anneliese Dodds Shadow Chancellor of the Exchequer

To ask the Chancellor of the Exchequer, if he will place in the Library the NS&I policy on sending paper prize warrants to its customers.

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

Since 2011, Premium Bonds holders have been able to have their prizes paid directly into a UK bank account in their name. Since March 2020, more than 750,000 customers have switched from receiving paper warrants (cheques) to having their prizes paid directly into their bank account or automatically reinvested. As of December 2020, 82.5% of Premium Bonds prizes were either paid directly into a UK bank account or reinvested back into Premium Bonds.

The decision by NS&I announced on 17 September 2020 to pay all Premium Bonds prizes direct to customers’ bank accounts was informed by changing customer behaviours. It will make managing Premium Bonds prize distribution quicker, more cost-effective and have a much lower environmental impact.

Paying prizes directly to the customers bank account also reduces the proportion of Premium Bonds prizes from going unclaimed.

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