If you have any savings with NS&I’s premium bonds the way you receive any prizes could be changing.
From December 2020, NS&I are going paperless for the way they pay out their prizes. In a phased approach, by March 2021 NS&I will stop price payments by warrant (similar to a cheque).
If your prizes go directly into your bank account don’t worry you don’t need to do anything. Your prize will automatically go into your account as usual. NS&I will continue to update you about winning a prize by emailing or texting you.
If your prizes are reinvested to automatically buy more premuim bonds, please check on your account to make sure your bank details are up to date and on their. Click this link to see how to do this.
This is the important section, if your prizes are delivered through the post, you will need to let NS&I know your bank details so that you can carry on receiving your prizes. Don’t worry if you don’t update NS&I on your bank details before December, they will hold onto your prizes until you provide them with your bank details.
Please talk to us to see if we can help you with equity release. Get in touch with us on 01609 760960. Or arrange a call back and one of our mortgage brokers will be happy to help.
Reference – BL113 – Nov – 2020