Topping up Premium Bonds?

fly-catchers

I am about £15000 short of the maximum amount. I intend to add this £15000 near the end of this month So it is ready for the April draw. What happens if I hopefully win in March? Normally I have set it up to reinvest any winnings. Will it take in account the pending £15000 and just move any winnings to my appointed Bank account? Or adjust my PB account by selling off some older bonds and transfer that to my Bank Account? I have a few old bonds I got as a child and would like to keep them invested for sentimental reasons!

eskbanker

I don't know the definitive answer but would assume that any March winnings would be paid out to your bank - even though the new £15K purchase isn't eligible for that draw, they're not really 'pending', in that you will definitely have bought them, so you will own £50K worth of bonds at the time the March draw is made, thereby no longer being in a position to reinvest any prizes.

[Deleted User]

Hi,

NS&I says:

You can choose to get your prizes reinvested, meaning your Bonds will go straight into the next prize draw. Your chances of winning will increase each time you win a prize!

You can do this if you have less than £50,000 invested in Premium Bonds.

Reading that suggests that once you have topped up to £50000 any winnings will not be used to purchase new bonds, so you may have to change your win options.

Eco_Miser

To obtain certainty, you could change your option to pay winnings to your bank account when you buy the extra bonds.