Q&A

What is changing?

Premium Bond winners will no longer be sent cheques in the post. Also known as warrants, they will be phased out from next month, and disappear for good by March 2021.

How will prizes be paid?

National Savings & Investments wants to pay cash directly into customer bank accounts. Or savers can choose to reinvest any winnings in more Premium Bonds provided they do not already hold the maximum amount of £50,000.

Why is it happening?

NS&I claims it is quicker, more secure and and better for the environment to pay prizes into customer accounts. The move will save paper and postage costs but chief executive Ian Ackerley won’t say how much.

What must I do?

Customers have been asked to provide their bank details online at nsandi.com. But many are experiencing difficulties. Those without access to the internet can give them over the phone. But savers have been left on hold for hours and those without email addresses or mobile phones have struggled to register.

Can I refuse?

NS& I has said that it will consider exceptions on a case-by-case basis if customers are particularly vulnerable. But the Government bank has stressed that simply ‘not liking it’ is not a good enough reason.