Premium Bonds.

[joojoo 13]

12 hours ago, catmiss said:

My mum left me some money when she died. I didn’t want it swallowed up into my family expenses so my ex husband suggested PB as my mum liked an occasional flutter. That was over 30 years ago and I think I’ve probably matched interest rates over the years. I’m staying with them - mum might just have the big win!

I did the same with an inheritance about 3 years ago.  I’m pretty sure I’ve had a better deal than any instant access account would have been.

[Thirsty Relic 213]

There are a number of changes that are being rolled out - apparently many people are annoyed when they are informed.  I have some bonds, but haven't as yet been contacted.  Martin Lewis is apparently these changes on ITV in his program today at 8:30pm.  May well be worth a watch!

[Jeffrey Shaw 90]

On 25/11/2020 at 12:22, Janus said:

Savers will soon have a one-in-34,500 chance, against one-in-24,500 previously.
 

Even so, it's very much better odds than the National Lottery and Eurolottery.

AND unlike them you don't write-off your stake money each time there's a draw.

Edited November 26, 2020 by Jeffrey Shaw

[Janus 28]

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Edited November 26, 2020 by Janus
Error

[Thirsty Relic 213]

9 hours ago, Thirsty Relic said:

There are a number of changes that are being rolled out - apparently many people are annoyed when they are informed.  I have some bonds, but haven't as yet been contacted.  Martin Lewis is apparently these changes on ITV in his program today at 8:30pm.  May well be worth a watch!

Just watched it - and it wasn't what I'd been led to believe.  Apparently, some bond holders have had letters saying that they will no longer get cheques through the post with their £25 (or other) winnings, but will have to give their banking details (and email details) to the Premium Bond people to get their winnings. 

 

If this is the case, I'm surprised I've heard nothing about it.  Surely, they would give a deadline when this was to start, so anyone not wanting to work that way would be able to get a cheque from them for their investment back before that date?  They can't change their terms and conditions without due notice, can they?

 

Anyone know anything about it?

[Thirsty Relic 213]

9 hours ago, enntee said:

They are stopping the issue of cheques.

You have until March to give them bank account details.

Easiest way is by registering online, but those not wanting to do that (or can't) should be able to do it over the phone. However, things would appear to be a bit busy at the moment.

 

"From December 2020, we’re stopping prize payments by warrant (like a cheque). We’ll be doing this in phases, so by March 2021 we’ll no longer send any prizes through the post. This means you’ll need to let us know your bank details to carry on receiving any prizes you win."

 

https://www.nsandi.com/products/premium-bonds

I find this disgusting, and .

 

If a company is changing terms and conditions to demand more private information, it needs to say when it comes into effect and what to do if you do not want to give that information.  Banks, PayPal etc etc all do this regularly, even if their bottom line is "if you don't like it, leave us by....". 

 

I've not been contacted by them, so they've not done that. 

 

I don't want to give them bank details, so I want my money back.  I've followed the link enntee kindly gave, but can't find how to get money out as a cheque.  I (and others I know who are not online) want to leave them, not give bank details, and get our cheques so we can move money elsewhere.  I don't know about the others, but I got mine many years ago as a gift, so NI+I haven't got my bank details, and if I'm leaving them, I certainly don't want to pass them at this point.

[Janus 28]

There still remains the option of arranging to have any prizes reinvested automatically.  Providing there is capacity-meaning there is no capacity to reinvest if the max amount of bonds 50k is already held.

 

As for notifying people,  they have been sending emails out about the change. I don't know if they will write to those that do not use the Internet.

 

Post offices used to have withdrawal forms for P Bonds. You need to check if that is still the case, but I have my doubts. Try a main PO.

As you don't want to register online, the only options are either phoning  or writing  to them. If phoning, you will certainly need to satisfy their security procedure requirements , which can be somewhat trying.

 

Edited November 27, 2020 by Janus

[iansheff 88]

On 27/11/2020 at 01:19, Thirsty Relic said:

Just watched it - and it wasn't what I'd been led to believe.  Apparently, some bond holders have had letters saying that they will no longer get cheques through the post with their £25 (or other) winnings, but will have to give their banking details (and email details) to the Premium Bond people to get their winnings. 

 

If this is the case, I'm surprised I've heard nothing about it.  Surely, they would give a deadline when this was to start, so anyone not wanting to work that way would be able to get a cheque from them for their investment back before that date?  They can't change their terms and conditions without due notice, can they?

 

Anyone know anything about it?

NS&I have pushed back the cut-off date and will not phase out cheques until it was "much easier to contact NS&I”. This is expected to be in the spring, although no date has been confirmed.

NS&I to carry on sending Premium Bond cheques after savers revolt (kaleistyleguide.com)

[Jeffrey Shaw 90]

Yes. "Next Spring" is also what it says on https://www.nsandi.com/get-to-know-us/goodbye-to-paper-prizes

[davyboy 19]

I have arranged with NI to automatically buy any winnings below a certain amount.

Can't remember that amount but each time I have won £25 it buys another 25 bonds.

It's not worth cashing in a £25 win.

 

[Thirsty Relic 213]

If anyone has premium bonds and doesn't want to give NS+I their bank details (they were sold for cash at Post Offices for many many years remember), how can they get their money back as a cheque from NS+I?  I can't see anything on the website about that. 

 

Contrast that to the National Lottery, where you pay cash for your ticket, and get cash back when you win.  Imagine the outcry if the National Lottery said it was going to pay any winnings into your bank account, and they needed your details..... 

 

I know of people very upset over this, but I've not seen anything in the press about it.

[Jeffrey Shaw 90]

On 02/12/2020 at 17:48, Thirsty Relic said:

Contrast that to the National Lottery, where you pay cash for your ticket, and get cash back when you win.  Imagine the outcry if the National Lottery said it was going to pay any winnings into your bank account, and they needed your details.

 

 

Er, the online ticket scheme for National/Euro Lotteries already offers that.

BUT this thread is about Premium Savings Bonds- so let's get back on topic.

Edited December 3, 2020 by Jeffrey Shaw