Premium Bonds

polymaff

DennisTenus wrote: »

Oh do they tell you they are reallocation prizes?

I asked, and NS&I seemed happy to answer.


EDIT: Knowing how incompetent NS&I are, I wouldn't be surprised if these reallocations arise due to the random numbers being generated and then mapped onto bond IDs well ahead of the notional "draw" date, so that by the "due" date some bonds have been cashed in.

the_mandarin

greenglide wrote: »

It sounds, to me, that for whatever reason the person who won isn't entitled to the win - fraud, whatever.

I don't think it necessarily implies fraud. While some investors prefer their prizes to be paid out, some choose to have the prizes added to their NS&I Premium Bond account - which has a upper limit to investment.

It could perhaps be the case that the person who originally won has reached the 50K investment upper limit by means of past prizes, and any addition would breach the upper limit and therefore the prize cannot be allocated to their account.

This would then imply that these users would not be eligible for any prizes in future, which defeats the purpose of staying invested :undecided

OUNN

Except in this case, the prize is reinvested up to the maximum holding and then any further prizes are transferred to your bank account or paid by cheque!

Alexland

https://www.nsandi.com/system/files/asset/pdf/premium-bonds-automatic-reinvestment-of-future-prizes-form.pdf

Reinvested prizes are subject to the holding limit of £50,000. We will reinvest prizes up to the limit and
send you a warrant for any balance. If the holding
limit is exceeded inadvertently, by an automatic
reinvestment, or because you have bought additional
Bonds before learning of the reinvestment, we will
return the value of the Bonds to you - but not any
prizes which may have been won on them.