We already pay nearly 9 in 10 prizes either straight to customers’ bank accounts or by reinvesting into more Bonds. Because of this, we had planned to phase out prize cheques completely, but we’re not going to do that now.
However, if you do still receive Premium Bonds prizes as a cheque in the post, why not switch to a better way? You can have prizes paid straight to your bank account (or NS&I Direct Saver) or reinvested into more Bonds, giving you even more chances to win. Choose either of these options and we’ll let you know by text or email if you win.
Here are four reasons you should consider making the switch:
1. It’s quicker
Cheques take time. They need to be printed, packed and posted. Once you’ve received your cheque, you then need to find the time to pay it into your bank account. Finally, you need to wait for the money to clear before you can enjoy your winnings. Skip these time-consuming steps by choosing to have prizes paid to your bank account or reinvested into more Bonds. You’ll normally have the money or new Bonds by the seventh working day of the month – before the first prize cheques have even started arriving.
2. It’s easier
Because cheques need to be paid in, it can sometimes mean a trip to the bank. Prizes paid to your bank account or reinvested into more Bonds means you have to do… quite literally nothing! Let us do the work for you and you’ll have one less thing on your to-do list.
3. It’s safer
We’ve posted millions of cheques to winners over the years and, although it doesn’t happen often, we know there’s the small chance of something getting lost or delayed. We also know that sometimes our customers move house and forget to let us know their new address. Prizes paid to your bank account or reinvested into more Bonds means you can rest easy knowing that your prize will get to you without the potential hiccups.
4. It’s greener
We’re sending out fewer and fewer cheques as more people switch to a quicker, easier and safer way to receive their prizes. Make the switch and you’ll also be doing your bit for the environment – helping us send out less paper. If you decide to reinvest your prizes into more Bonds, just make sure you also choose our paperless service – then we’ll let you know the details of your new Bonds online.
How to make the switch
Changing how you receive your prizes is easy, and if you don’t use our online service or do any online banking, don’t worry – we have options for you!