Published On: Fri, Jul 5th, 2024
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Premium Bonds confusion about how to reinvest winnings – NS&I explains | Personal Finance | Finance

NS&I has clarified the process to reinvest Premium Bonds winnings in buying more Bonds to increase your chances of winning again.

A frustrated customer contacted the savings provider over X as they were struggling with the website in trying to buy more Bonds.

They said: “Why is the website so hard to use? I can’t find anywhere to reinvest the July winnings into Premium Bonds?

“Am I missing something? I thought it would be made easy to do that through the website once logged in.”

A representative of the savings giant replied to explain: “Once a prize has been issued, they cannot be directly reinvested.

“You would need to either send the prize warrant back to us with an application form, or cash the prize to your bank and purchase more Bonds.”

The customer the asked if this means they would need to wait until their prize winnings cheque arrives, to use the funds to buy more Bonds.

NS&I said: “If you’re looking to send the cheques back with an application form, yes.”

The savings provider also said: ” If you have any prizes that are unclaimed, you will need to either cash them and reinvest them into the Bonds by purchasing more, or send the prize cheque back to us at NS&I Sunderland, SR43 2SB with the application from linked below.”

They included a link to this form entitled ‘Application to buy Premium Bonds for yourself or your child under 16′.

A person can hold up to £50,000 in Premium Bonds and when purchasing Bonds, you have to buy at least £25 worth.

Each £1 Bond eligible to go into the monthly prize draw has an equal chance of being paired with a prize.

The prize fund rate is currently 4.4 percent with the odds of winning at 21,000 to one.

The prize draw includes two jackpot prizes for £1million and other large cash prizes including £100,000 and £50,000.

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