A customer contacted NS&I as they were concerned they had not received their funds yet
NS&I has issued an update after a customer voiced concerns about delays in receiving their Premium Bond payouts. One customer took to social media on May 9, expressing frustration after they had requested to cash in their Bonds on May 2, but nothing had arrived in their account yet.
They queried: “It’s still not in my bank and I’m running out of money. What’s the hold up? You told me I’d have it by now so want to check what’s happening.”
Typically, when customers cash in Bonds online or by phone before 8pm, they can expect the process to take two working days. Requests made after 8pm usually take three days.
Addressing the concerns, an NS&I spokesperson clarified: “We are not experiencing any delays to Premium Bonds repayments. Withdrawals made online or by phone will typically take two working days to reach the nominated bank account.”
However, they noted that different circumstances could affect this timeline: “Timings will vary if it is a postal application.” The provider said there can be be other factors that cause delays, such as extra security checks, interbank processing times, or errors in the bank details provided.
For those who want to check the expected time for receiving their funds, the NS&I website offers a payment timeline calculator. This can be used to estimate how long it will take for money from cashed-in Premium Bonds or withdrawals from other NS&I savings to arrive.
Customers should note that an extra day should be added to on top of the normal processing time, for fund payouts around a bank holiday. Savers with Premium Bonds may well be thinking of cashing in their Bonds and going elsewhere, as the scheme’s prize fund rate recently fell again.
From the April draw, the rate went from 4% to 3.8%. The odds for each £1 Bond to win stand at 22,000 to 1. In a separate incident, an NS&I customer was unimpressed as they were not notified they had won a prize, while their spouse was, despite both having signed up for text alerts.
An NS&I representative clarified: “Nine in 10 Premium Bonds prizes are paid directly into our customers bank accounts. People can choose to receive an alert either via text or email and can update their preferences at any time by logging into their online account at www.nsandi.com.
“In this case it maybe that they have set up different preferences in their online account for how they receive their notifications.” The NS&I website features a prize checker tool you can use to find out if you have won a prize.
