Premium Bonds Article Discussion Area

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!

Nebulous2

I can't remember the details, but there was somebody on the main premium bond thread who won £10k and described the process. 

If you can be bothered to travel back through that then it will enlighten you. 

BooJewels

I remembered a £25k win and managed to land on it, by choosing earlier pages at random, as I had a feeling it was in the summer: 
https://forums.moneysavingexpert.com/discussion/comment/80115949/#Comment_80115949

Someone also linked to this page on NS&I - if you expand the bit abut 'High Value Prizes' at the bottom of the FAQ section.

eskbanker

BooJewels said:

Someone also linked to this page on NS&I - if you expand the bit abut 'High Value Prizes' at the bottom of the FAQ section.

Good find, NS&I really ought to be consistent with what they publish though, as this differs from what's stated in the product terms!

Paul_Herring

lr1277 said:

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

https://www.thisismoney.co.uk/money/saving/article-11596139/Meet-Agent-Million-woman-tells-Premium-Bond-holders-theyve-won-jackpot.html