Scottish Daily Mail

Q&A

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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.

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