Premium Bonds Article Discussion Area

Doidle99

So Martin claims that Premium Bonds are absolutely safe but that has not been my experience.
I bought £40 of bonds back in the 1970s. We moved to Scotland in 1978. I received a £50 prize in the 1980s. After 1990, I heard nothing more from NS&I.  I came across the Bonds a few weeks ago in an old document box. I have my holders number but I had to apply for my Account number in order to check prizes further back than 6 months.  NS&I replied that they could not find an account in my name!  I pressed them and a cursory investigation revealed that my account had been closed and paid out in 1996 - for £2200!!  I can state with 100% certainty that I was not only unaware that I had won numerous small prizes and two £1000 prizes but also that I did not cash out my account and receive a cheque for £2200 as they claim.  I have all the bank statements for 1996 and there is no deposit for that amount. The problem is (probably) that the Post Office changed my Postcode in 1990 and I received no correspondence from them after that. The prizes must have gone to someone else at a different address and been illegally cashed.  NS&I are investigating but I am not hopeful of recovering the initial investment or the prizes.  

Swipe

Doidle99 said:

So Martin claims that Premium Bonds are absolutely safe but that has not been my experience.
I bought £40 of bonds back in the 1970s. We moved to Scotland in 1978. I received a £50 prize in the 1980s. After 1990, I heard nothing more from NS&I.  I came across the Bonds a few weeks ago in an old document box. I have my holders number but I had to apply for my Account number in order to check prizes further back than 6 months.  NS&I replied that they could not find an account in my name!  I pressed them and a cursory investigation revealed that my account had been closed and paid out in 1996 - for £2200!!  I can state with 100% certainty that I was not only unaware that I had won numerous small prizes and two £1000 prizes but also that I did not cash out my account and receive a cheque for £2200 as they claim.  I have all the bank statements for 1996 and there is no deposit for that amount. The problem is (probably) that the Post Office changed my Postcode in 1990 and I received no correspondence from them after that. The prizes must have gone to someone else at a different address and been illegally cashed.  NS&I are investigating but I am not hopeful of recovering the initial investment or the prizes.  

You'll find a number cases of this reported here in this forum for various products held long term at NS&I (prior to digitisation) and each one insisting that they were not paid out as stated. There appears to be a running theme here that extends beyond coincidence IMO.

wmb194

Swipe said:

Doidle99 said:

So Martin claims that Premium Bonds are absolutely safe but that has not been my experience.
I bought £40 of bonds back in the 1970s. We moved to Scotland in 1978. I received a £50 prize in the 1980s. After 1990, I heard nothing more from NS&I.  I came across the Bonds a few weeks ago in an old document box. I have my holders number but I had to apply for my Account number in order to check prizes further back than 6 months.  NS&I replied that they could not find an account in my name!  I pressed them and a cursory investigation revealed that my account had been closed and paid out in 1996 - for £2200!!  I can state with 100% certainty that I was not only unaware that I had won numerous small prizes and two £1000 prizes but also that I did not cash out my account and receive a cheque for £2200 as they claim.  I have all the bank statements for 1996 and there is no deposit for that amount. The problem is (probably) that the Post Office changed my Postcode in 1990 and I received no correspondence from them after that. The prizes must have gone to someone else at a different address and been illegally cashed.  NS&I are investigating but I am not hopeful of recovering the initial investment or the prizes.  

You'll find a number cases of this reported here in this forum for various products held long term at NS&I (prior to digitisation) and each one insisting that they were not paid out as stated. There appears to be a running theme here that extends beyond coincidence IMO.

The common thread is that people forget about their holdings for decades, find a certificate or a letter and then have perfect recall that they never cashed them in but NS&I says they were. In the meantime there are other people who say they have Premium Bonds from 1956 and that NS&I is perfectly well aware of them.