Premium Bonds Article Discussion Area

eskbanker

Swipe said:

shanew4874 said:

Is it correct that you receive a letter for any win that is £10,000 - £100,000? Does the win still show up in your balance in your online account? So if you have a holding of say £13,000 and you win £10,000 then your account will show £23,000 on draw day but you will receive a letter confirming the win a few days later in the post asking how you want to proceed with the £10,000 win as in reinvest in more bonds or have it paid into your bank?

thanks

I think you manually have to claim any prizes over £1000 now I saw the other day. I'm sure that only used to be case for anything over £5000.

The Ts & Cs document still says £5K is the tipping point beyond which they may check if the usual prevailing instruction is to be varied:

If you win £5,000 or more, we may check with you before we pay or reinvest your prize – see nsandi.com/have-i-won for more details or call us.

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf

shanew4874 said:

I was just wondering if the bigger wins show up in your account the day that we all check our NS&I accounts or is it the case that you only are made aware of the bigger wins when you receive a letter through the post a few days or a week or so later after that months draw has been made?

The list of larger prizes is published openly online on the first working day of the month, ahead of the lower value ones being shared at the end of that day, but the prizes aren't actually paid into holders' accounts until just over a week later.

Swipe

eskbanker said:

Swipe said:

shanew4874 said:

Is it correct that you receive a letter for any win that is £10,000 - £100,000? Does the win still show up in your balance in your online account? So if you have a holding of say £13,000 and you win £10,000 then your account will show £23,000 on draw day but you will receive a letter confirming the win a few days later in the post asking how you want to proceed with the £10,000 win as in reinvest in more bonds or have it paid into your bank?

thanks

I think you manually have to claim any prizes over £1000 now I saw the other day. I'm sure that only used to be case for anything over £5000.

The Ts & Cs document still says £5K is the tipping point beyond which they may check if the usual prevailing instruction is to be varied:

If you win £5,000 or more, we may check with you before we pay or reinvest your prize – see nsandi.com/have-i-won for more details or call us.

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf

shanew4874 said:

I was just wondering if the bigger wins show up in your account the day that we all check our NS&I accounts or is it the case that you only are made aware of the bigger wins when you receive a letter through the post a few days or a week or so later after that months draw has been made?

The list of larger prizes is published openly online on the first working day of the month, ahead of the lower value ones being shared at the end of that day, but the prizes aren't actually paid into holders' accounts until just over a week later.

From the prize checker:

shanew4874

Ok, thank you for confirming. Much appreciated.

eskbanker

Swipe said:

eskbanker said:

Swipe said:

shanew4874 said:

Is it correct that you receive a letter for any win that is £10,000 - £100,000? Does the win still show up in your balance in your online account? So if you have a holding of say £13,000 and you win £10,000 then your account will show £23,000 on draw day but you will receive a letter confirming the win a few days later in the post asking how you want to proceed with the £10,000 win as in reinvest in more bonds or have it paid into your bank?

thanks

I think you manually have to claim any prizes over £1000 now I saw the other day. I'm sure that only used to be case for anything over £5000.

The Ts & Cs document still says £5K is the tipping point beyond which they may check if the usual prevailing instruction is to be varied:

If you win £5,000 or more, we may check with you before we pay or reinvest your prize – see nsandi.com/have-i-won for more details or call us.

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf

From the prize checker:

Yes, up to and including £1K is paid according to nominated preference, but £5K and upwards, i.e. the prizes deemed to be in the higher band, may entail that being overridden - I can't see any sign of that having changed?

shanew4874

So basically any wins between £25-£1000 get automatically reinvested or paid into your bank account and any win of £5000 or higher you will receive a letter through the post confirming the win around a week after the draw has been made 

eskbanker

shanew4874 said:

So basically any wins between £25-£1000 get automatically reinvested or paid into your bank account and any win of £5000 or higher you will receive a letter through the post confirming the win around a week after the draw has been made 

As above, NS&I's terms document doesn't seem to elaborate beyond "we may check with you before we pay or reinvest your prize" - where did you read about a letter being sent about a week after the draw?

lr1277

I was under the impression if you won the top prize, then somebody would visit you to give you the good news.

eskbanker

lr1277 said:

I was under the impression if you won the top prize, then somebody would visit you to give you the good news.

Yes, 'Agent Million' does personal visits for the two £1m jackpot winners, but none below that.

shanew4874

Cant remember where I read it but I’m sure it stated that any win that is £10,00-£100,000 they send you a letter through the post, clearly whoever wrote that was incorrect though it seems 

eskbanker

shanew4874 said:

Is it correct that you receive a letter for any win that is £10,000 - £100,000? Does the win still show up in your balance in your online account? So if you have a holding of say £13,000 and you win £10,000 then your account will show £23,000 on draw day but you will receive a letter confirming the win a few days later in the post asking how you want to proceed with the £10,000 win as in reinvest in more bonds or have it paid into your bank?

eskbanker said:

shanew4874 said:

So basically any wins between £25-£1000 get automatically reinvested or paid into your bank account and any win of £5000 or higher you will receive a letter through the post confirming the win around a week after the draw has been made 

As above, NS&I's terms document doesn't seem to elaborate beyond "we may check with you before we pay or reinvest your prize" - where did you read about a letter being sent about a week after the draw?

shanew4874 said:

Cant remember where I read it but I’m sure it stated that any win that is £10,00-£100,000 they send you a letter through the post, clearly whoever wrote that was incorrect though it seems 

I'm not saying that's wrong as such, just observing that NS&I don't seem to make any reference to that practice in the product documentation.

However, it's likely to be academic anyway - with a £13K holding, a £5K prize is only going to happen once every 457 years on average (higher ones being even less 'frequent'), so don't hold your breath!