PBs Nominated account and bank switch 18 February at 10:22AM in Budgeting & bank accounts 2 replies 122 views

billy2shots

How does a nominated NS&I Premium Bond nominated account work when switching banks. 

Will bond prizes automatically reroute to the new account or will it cause an issue, meaning it's best to change the nominated bank details to a different account held already?

Band7

If you use CASS for switching, any payments coming into your old account will be automatically forwarded to your new account for at least three years.

CASS does not update your nominated account at NS&I, or anywhere else, as it is not known to the banks where you registered your nominated account. You will should update this yourself.

billy2shots

Band7 said:

If you use CASS for switching, any payments coming into your old account will be automatically forwarded to your new account for at least three years.

CASS does not update your nominated account at NS&I, or anywhere else, as it is not known to the banks where you registered your nominated account. You will should update this yourself.

Thanks. 

Didn't expect them to update the account details, just wanted to check Prize money wouldn't bounce back or not be paid.