Premium Bond paper prize cheques to be scrapped - MSE News

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Former_MSE_Naomi
Former_MSE_Naomi Posts: 519 Forumite
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in Savings & investments
More Premium Bond prizes will be paid directly to holders' accounts as NS&I is set to phase out its paper prize cheques by March next year – so make sure it has your details...

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'Premium Bond paper prize cheques to be scrapped'

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  • gt94sss2
    gt94sss2 Posts: 5,632 Forumite
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    Just out of interest, what if one is currently registered to get prizes electronically but wants to switch to postal prizes for a few months until it's phased out... 

    Is that possible?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    edited 17 September 2020 at 1:26PM
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    gt94sss2 said:
    Just out of interest, what if one is currently registered to get prizes electronically but wants to switch to postal prizes for a few months until it's phased out... 
    Is that possible?

    For mine, when logged in I have the choice to check or uncheck a box to have 'paperless' documentation or not (so I could get transaction confirmations and paperwork via mail rather than online) but if I click the prize payment options I only have the choice of 'pay into my nominated account' (which I can change to a different nominated account) or 'reinvest in premium bonds' - there is no option to have paper warrants sent to me that I would need to go and pay in to a bank manually.  Maybe the options are different if you have turned paperless off.

    If you really wanted to do that (because you like the idea of extra admin work) then you might be the sort of person who would like to spend some time on the phone to them asking about it... but I'm not :smiley:
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    edited 17 September 2020 at 1:31PM
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    Just an aside but I received an email today from NS&I saying that all their savings accounts are being administered online (except for their postal account). Helpfully, they failed to say when - so when they can be bothered to get round to it.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    not really bothered to be honest, less trees is surely a good thing. Most things are done online now anyways.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Stubod
    Stubod Posts: 2,169 Forumite
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    ..'bout time...
    .."It's everybody's fault but mine...."
  • droopsnoot
    droopsnoot Posts: 1,759 Forumite
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    Mine are paid electronically, but it's worth mentioning to any older friends or relatives who might have bonds from years ago.
  • AshleyH576
    AshleyH576 Posts: 1 Newbie
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    Look forward to NS&I explaining how they will deal with Power of Attorney accounts held under Attorney's name. They have insisted they only pay by warrant in the past. And they're not suggesting a way forward. Just that they'll write a letter to notify how to claim!!
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